SHANGHAI, Apr. 27 (SMM) – The US dollar index fell below 97 last Friday on downbeat US durable goods orders. Crude oil gained for six days in a row. In this context, LME aluminum jumped to USD 1,828/mt after opening at USD 1,784.5/mt last Friday, and ended the day at USD 1,821.5/mt. Trading volumes were down 2,912 lots to 15,779 lots, and positions were up 4,056 to 770,847.
Last Friday night, SHFE 1507 aluminum contract rose to RMB 13,335/mt after starting higher at RMB 13,275/mt. The most active contract finished the night session at RMB 13,315/mt. Trading volumes totaled 26,406 lots, and positions were up 3,982 to 127,626.
SHFE 1507 aluminum contract is expected to rise to RMB 13,300-13,400/mt on Monday as market sentiment is improving. In China’s spot market, cargo holders will hold offers firm, with spot discounts of RMB 110-150/mt expected over SHFE 1505 aluminum contract.