SHANGHAI, Jul. 30 (SMM) –LME aluminum fell to USD 1,655/mt after opening at USD 1,664/mt on Wednesday due to a stronger US dollar. Finally, it ended at USD 1,659.5/mt. Trading volumes were down 1,750 lots to 7,934 lots, and positions were down 305 to 879,965. Positive US housing market data pushed the US dollar index up. The US Fed, though did not mention timing for interest rate hike, emphasized improvement in labor market. This strengthened hopes for interest rate hike, allowing the US dollar index to rise further.
On Wednesday night, SHFE 1510 aluminum contract opened at RMB 12,315/mt, and closed at RMB 12,320/mt as investors cut bearish bets. Trading volumes totaled 7,694 lots, and positions were down 144 to 137,560.
A stronger US dollar and selling pressure at highs will send SHFE 1510 aluminum contract down to RMB 12,270-12,330/mt on Thursday. In China’s spot market, trading will be lackluster, and spot discounts of RMB 80-120/mt are expected over SHFE 1508 aluminum contract.
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