Author：Site  Source：Network  Click to rate：1000  Post time：2015-07-17

SHANGHAI, Jul. 17 (SMM) –Greece's Parliament passed austerity measures needed to secure a fresh bailout, easing market concerns. The ECB decided to keep interest rate unchanged. However, the US dollar index rose as US initial jobless claims suggest improvement in labor market. Crude oil prices have been weak for days. In this context, LME aluminum fell back after rising to USD 1,727/mt, and ended at USD 1,713/mt on Thursday. Trading volumes were down 3,712 lots to 7,229 lots, and positions were up 4,573 to 865,000. 

On Thursday night, SHFE 1509 aluminum opened at RMB 12,500/mt. Longs were cautious as rumors of production cuts were not verified. So, prices fell back after hitting RMB 12,560/mt, and ended the night session at RMB 12,525/mt. Trading volumes totaled 8,490 lots, and positions were down 184 to 117,774. 

A stronger US dollar should keep SHFE 1509 aluminum contract in check at RMB 12,500-12,550/mt on Friday. In China’s spot market, sellers will be eager to sell at highs, and spot discounts of RMB 70-110/mt are expected over SHFE 1508 aluminum contract.