SHANGHAI, Aug. 5 (SMM) – Rebound of Chinese stock market and a softer US dollar allowed LME aluminum to rise to USD 1,626.5/mt on Tuesday. Finally, LME aluminum ended up USD 5/mt at USD 1,616/mt. US ADP employment report for July and US trade data for June will be eyed.
On Tuesday night, SHFE 1510 aluminum contract drifted lower after opening at RMB 12,165/mt, and finished the night session at RMB 12,155/mt.
LME aluminum has found strong support at USD 1,600/mt, and should move at USD 1,600-1,630/mt on Wednesday. SHFE 1510 aluminum contract might fluctuate between RMB 12,100-12,200/mt on Wednesday. In China’s spot market, spot discounts of RMB 20-40/mt are expected over SHFE 1508 aluminum contract.