SHANGHAI, Jun. 30 (SMM) –LME aluminum fell to USD 1,677/mt after opening at USD 1,710/mt on Monday. But the light metal rebounded to USD 1,701/mt later as poor US existing home sales data pushed the US dollar index down. Trading volumes were up 5,916 lots to 14,317 lots, and positions were up 8,837 to 879,000.
On Monday night, SHFE 1509 aluminum contract fell to RMB 12,630/mt after opening at RMB 12,700/mt, and ended the night session at RMB 12,660/mt. Trading volumes totaled 14,242 lots, and positions were up 90 to 119,292.
Deadlocked talks over the Greek debt issue will pressure base metals. But a softer US dollar should offer some support. SHFE 1509 aluminum contract is expected to move between RMB 12,630-12,680/mt on Tuesday. In China’s spot market, month-end cash crunch will depress consumption, with spot discounts of RMB 100-140/mt expected over SHFE 1507 aluminum contract.