SHANGHAI, Jul. 1 (SMM) –LME aluminum opened at USD 1,700/mt on Tuesday. US economic recovery kept investors alert about a possible interest rate hike. Greece default triggered worries over the euro zone. As a consequence, LME aluminum fell to USD 1,680/mt before ending down USD 11/mt at USD 1,690/mt. Trading volumes were down 2,616 lots to 11,701 lots, and positions were down 6,205 to 873,000.
On Tuesday night, SHFE 1509 aluminum contract moved lower after opening at RMB 12,620/mt, and ended the night session at RMB 12,540/mt. Positions were up 4,280 lots to 129,230 lots.
The unsolved Greek debt issue will leave SHFE 1509 aluminum contract weak between RMB 12,530-12,580/mt on Wednesday. In China’s spot market, spot discounts of RMB 80-100/mt are expected over SHFE 1507 aluminum contract.