Author：Site  Source：Original Site  Click to rate：1232  Post time：2014-01-07

SHANGHAI, Jan. 7 (SMM) – LME aluminum opened at USD 1,776/mt on Monday. The light metal dipped to 1,756/mt before bouncing back to USD 1,783.3/mt on positive economic data. The euro rose against the greenback on rising Sentix investor confidence index in the euro zone in January. Factory orders in the US hit new high in November. LME aluminum gained USD 9.5/mt or 0.54% to close at USD 1,782/mt. Trading volumes were up 3,724 lots to 13,415 lots, and positions also increased 2,340 lots to 732,680 lots.

SHFE 1404 aluminum contract climbed to RMB 13,930/mt after opening at RMB 13,890/mt at Monday’s night session, ending the session at RMB 13,920/mt. Rising prices fuelled buying interest, pushing positions up 1,236 lots to 52,398 lots.

The most active SHFE aluminum contract will have little upward momentum on Tuesday following a slight rise overnight, with prices expected between RMB 13,910-13,960/mt. Spot aluminum in Shanghai should trade at discounts of RMB 0-40/mt over SHFE 1401 aluminum contracts.

 aluminum circle

from metal.com