Author：Site  Source：Network  Click to rate：1118  Post time：2015-08-10

SHANGHAI, Aug. 10 (SMM) – Positive US economic data kept the US dollar index elevated, pressuring base metals. LME aluminum dipped to USD 1,583.5/mt after opening at USD 1,590.5/mt last Friday. The light metal rebounded to USD 1,603.5/mt, but fell back immediately due to strong resistance at the 5-day moving average. Finally, LME aluminum ended down USD 7.5/mt or 0.47% at USD 1,584/mt. Trading volumes were down 1,636 lots to 9,148 lots, and positions were up 1,557 to 891,000. Inventories dropped 8,325 mt to 3,396,150 mt.

Positive US non-farm employment report strengthened expectations for US interest rate hike in September. This will keep LME aluminum in check within USD 1,570-1,590/mt on Monday. Depressed Chinese trade data for July will push SHFE 1510 aluminum contract down to RMB 11,940-12,000/mt. In China’s spot market, sellers will hold back goods at lows. Spot discounts of RMB 0-20/mt and premiums of RMB 0-20/mt are expected over SHFE 1508 aluminum contract.