Author：Site  Source：Network  Click to rate：1011  Post time：2015-07-14

SHANGHAI, Jul. 14 (SMM) –LME aluminum dipped to USD 1,686/mt after opening at USD 1,697/mt on Monday. Greece and its international creditors eventually reached a deal in early European trading session, helping LME aluminum rebound above the 20-day moving average to USD 1,713/mt. Finally, the light metal ended at USD 1,708.5/mt. Trading volumes were up 742 lots to 10,056 lots, and positions were down 645 to 887,690.

On Monday night, SHFE 1509 aluminum rose above the 10-day moving average after opening at RMB 12,450/mt on positive news from Greece. However, the contract met strong resistance at RMB 12,500/mt and ended the night session at RMB 12,455/mt. Trading volumes totaled 9,536 lots, and positions were down 90 to 124,144. 

In the absence of positive news, SHFE 1509 aluminum contract will continue meeting resistance at RMB 12,500/mt mark, and should range RMB 12,430-12,500/mt on Tuesday. In China’s spot market, sellers will hold offers firm, with spot discounts of RMB 0-40/mt expected over SHFE 1507 aluminum contract.