SHANGHAI, Apr. 29 (SMM) – The US Conference Board’s consumer confidence index and Richmond’s manufacturing index both undershot forecasts, distressing the US dollar. This helped LME aluminum rise to nearly 3-month high of 1,876/mt after opening at USD 1,835/mt on Tuesday. Finally, LME aluminum ended the day at USD 1,875.5/mt. Trading volumes were up 3,121 lots to 16,856 lots, and positions were up 12,812 to 785,000.
On Tuesday night, SHFE 1507 aluminum contract rose to RMB 13,420/mt after starting at RMB 13,385/mt. The most active contract finished the night session at RMB 13,385/mt.
SHFE 1507 aluminum contract is expected to rise further to RMB 13,360-13,450/mt on Wednesday, driven by rising LME aluminum and improved sentiment. In China’s spot market, spot discounts of RMB 150-190/mt are expected over SHFE 1505 aluminum contract.