SHANGHAI, Jul. 8 (SMM) – The euro suffered selloffs as risk aversion grew amid uncertainty over the Greek debt crisis. The US dollar index rose. Concerns over the Chinese economy took a toll on commodity market. In this context, LME aluminum fell to its lowest since 2009 at USD 1,641/mt after opening at USD 1,695/mt on Tuesday. The light metal ended at USD 1,674/mt. Trading volumes were up 7,050 lots to 21,028 lots, and positions were up 6,110 to 885,000.
On Tuesday night, commodity market was hard hit across the board, dampening market sentiment. SHFE 1509 aluminum fell to RMB 12,025/mt after opening at RMB 12,405/mt. The contract ended the night session at RMB 12,235/mt.
The across-board slump in base metals overnight have triggered strong bearishness. So, SHFE 1509 aluminum contract is expected to fall further to RMB 12,100-12,300/mt on Wednesday. In China’s spot market, supply and demand fall in tandem amid falling prices, with spot discounts of RMB 60-100/mt expected over SHFE 1507 aluminum contract.
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