SHANGHAI, Jun. 23 (SMM) – LME aluminum fell to USD 1,690/mt after opening at USD 1,696/mt on Monday. But prices rebounded to USD 1,708/mt later as longs entered before ending up 0.68% at USD 1,707/mt. Trading volumes were down 3,699 lots to 8,457 lots, and positions were up 4,570 to 846,647. Inventories fell 10,275 mt to 3,636,975 mt.
SHFE 1508 aluminum contract rose to RMB 12,690/mt last Friday night, and is expected to follow LME aluminum up to RMB 12,670-12,750/mt on Tuesday. HSBC’s China manufacturing PMI will be eyed today. In China’s spot market, spot discounts of RMB 50-100/mt are expected over SHFE 1507 aluminum contract.