SHANGHAI, May 7 (SMM) – LME aluminum gave back most of gains made in previous day overnight due to selloffs at highs. The US dollar index fell due to disappointing US ADP employment report. Crude oil extended gains. But these positive news gave little support to LME aluminum. LME aluminum rose to USD 1,977/mt after opening at 1,970/mt on Wednesday. But prices fell back to USD 1,906.5/mt later before ending at USD 1,906.5/mt. Trading volumes were down 5,665 lots to 21,902 lots, and positions were up 18,732 to 807,016.
On Wednesday night, SHFE 1507 aluminum contract fell to RMB 13,425/mt after starting at RMB 13,540/mt. The contract finished the night session at RMB 13,450/mt. Trading volumes totaled 39,200 lots, and positions were down 3,978 to 158,100.
SHFE 1507 aluminum contract should test support at the 5-day moving average, and move between RMB 13,430-13,480/mt on Thursday. In China’s spot market, spot discounts of RMB 150-190/mt are expected over SHFE 1505 aluminum contract.
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