SHANGHAI, Jun. 10 (SMM) – LME aluminum rose to USD 1,768/mt after opening at USD 1,748/mt on Tuesday. But the light metal fell back later to end the day at USD 1,749.5/mt. Trading volumes were up 3,253 lots to 11,568 lots, and positions were down 2,518 to 830,550. On the macro front, disappointing Chinese CPI data strengthened hopes for more stimulus measures. The euro zone’s revised GDP figure matched market expectations. Positive US retail sales favored the US dollar. Crude oil prices gained 4% on falling inventories.
On Tuesday night, SHFE 1508 aluminum contract rose to RMB 12,985/mt after opening at RMB 12,980/mt, and ended the night session high at RMB 12,940/mt. Trading volumes totaled 6,574 lots, and positions were up 354 to 135,498.
SHFE 1508 aluminum contract should range RMB 12,930-12,980/mt on Wednesday. In China’s spot market, spot discounts of RMB 40-80/mt are expected over SHFE 1506 aluminum contract.