Author：Site  Source：Network  Click to rate：980  Post time：2015-07-21

HANGHAI, Jul. 21 (SMM) – A series of negative factors caused LME aluminum to retreat from all moving averages to USD 1,680/mt after opening at USD 1,698/mt on Monday. LME aluminum ended at USD 1,686/mt. Trading volumes were up 709 lots to 7,622 lots, and positions were down 2,155 to 867,000. The US dollar index stayed elevated. Spot gold prices dived over 4%. Crude oil lost 1.5%.   

On Monday night, SHFE 1510 aluminum drifted lower after opening at RMB 12,485/mt, and ended the night session unchanged from opening price. Trading volumes totaled 6,778 lots, and positions were up 1,780 to 120,434. 

Strong bearishness should push SHFE 1510 aluminum contract down to RMB 12,450-12,500/mt on Tuesday. In China’s spot market, buyers will show little interest, waiting for prices to fall. Spot discounts of RMB 80-120/mt are expected over SHFE 1508 aluminum contract.