Author：Site  Source：Network  Click to rate：1092  Post time：2015-04-20

SHANGHAI, Apr. 20 (SMM) – The US offered a mixed bag of economic data. US inflation data were basically in line with market expectations, but the Conference Board’s Leading Economic Index missed forecasts. Michigan University’s consumer confidence index was positive. The US dollar index continued to fall. Crude oil fell from this year’s high. LME aluminum rose to USD 1,843/mt after opening at USD 1,820/mt last Friday. But the light metal retreated to USD 1,816/mt later before ending at USD 1,822/mt. Trading volumes fell 5,861 lots to 15,091 lots, with positions up 5,539 to 773,931.
 
Last Friday night, SHFE 1506 aluminum contract inched up to RMB 13,210/mt after starting at RMB 13,205/mt. The most active contract ended the night session at RMB 13,175/mt. Trading volumes totaled 6,132 lots, with positions down 792 to 113,088.
 
The PBOC’s announcement of RRR cuts on Sunday should drive the most active SHFE aluminum contract up to RMB 13,200-13,250/mt on Monday. In China’s spot market, consumption will be sluggish, with spot discounts of RMB 90-130/mt expected over SHFE 1505 aluminum contract.