Author：Site  Source：Original Site  Click to rate：1370  Post time：2014-01-14

Tags: LME aluminum,  SHFE aluminum

SHANGHAI, Jan. 14 (SMM) – LME aluminum opened Monday at USD 1,768/mt before moving lower to USD 1,756.8/mt due to a stronger greenback. However, LME aluminum rallied to USD 1,780.3/mt after the US dollar index fell back, closing up USD 9.5/mt at USD 1,779/mt. Trading volumes were up 992 lots to 11,118 lots, and positions added 17,830 lots to 724,153 lots.

SHFE 1404 aluminum contract slipped to RMB 13,700/mt after starting Monday’s night session at RMB 13,750/mt, but then rebounded to close at RMB 13,745/mt. 3,838 lots were traded during the night session, and positions increased to 59,192 lots.

Rising LME aluminum prices may help the most active SHFE aluminum contract move higher to RMB 13,740-13,780/mt on Tuesday. Spot aluminum in Shanghai should trade at discounts of RMB 0-40/mt over SHFE 1401 aluminum contracts.  

from metal.com