SHANGHAI, Jun. 26 (SMM) – LME aluminum slipped to USD 1,706/mt after opening at USD 1,715.5/mt on Thursday. The light metal jumped to USD 1,730/mt at the tail of the day before closing at USD 1,723/mt. Trading volumes were up 274 lots to 9,157 lots, and positions were up 492 to 856,933.
On Thursday night, SHFE 1509 aluminum contract opened at RMB 12,755/mt, and ended the night session at RMB 12,750/mt. Trading volumes totaled 9,872 lots, and positions were up 760 to 109,182.
Caution will rule the market before the weekend. SHFE 1509 aluminum contract will continue to hover around short-term moving averages, with prices expected at RMB 12,720-12,770/mt on Friday. In China’s spot market, spot discounts of RMB 80-120/mt are expected over SHFE 1507 aluminum contract.