SHANGHAI, May 19 (SMM) – LME aluminum rose to USD 1,863/mt after opening at USD 1,856.5/mt on Monday. But prices fell back to USD 1,817/mt later as the US dollar index rallied above 94. Finally, LME aluminum closed at USD 1,819.5/mt. Trading volumes were up 4,125 lots to 15,240 lots, and positions were up 368 to 796,532.
On Monday night, SHFE 1507 aluminum contract fell to RMB 13,220/mt after starting at RMB 13,270/mt, and finished the night session at RMB 13,250/mt. Trading volumes totaled 14,172 lots, and positions were down 2,488 to 126,712.
SHFE 1507 aluminum contract should remain weak between RMB 13,230-13,260/mt on Tuesday as bearish sentiment is growing. In China’s spot market, spot discounts are expected to widen to RMB 140-180/mt over SHFE 1506 aluminum contract.