SHANGHAI, Jul. 15 (SMM) –LME aluminum fell to USD 1,691/mt after opening at USD 1,710/mt on Tuesday. However, LME aluminum rebounded later to close at USD 1,704.5/mt as the US dollar index fell following a series of downbeat US economic data.
On Tuesday night, SHFE 1509 aluminum moved between the 5-day and 10-day moving averages after opening at RMB 12,390/mt. The contract ended the night session at RMB 12,410/mt. Trading volumes totaled 3,796 lots, and positions were up 42 to 123,054.
A series of key Chinese economic data will be eyed today. SHFE 1509 aluminum contract should range RMB 12,380-12,430/mt on Wednesday. In China’s spot market, sellers will show stronger selling interest, with spot discounts of RMB 0-40/mt expected over SHFE 1507 aluminum contract.