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Tags: LME aluminum,  SHFE aluminum,aluminium circle

SHANGHAI, Jan. 15 (SMM) – LME aluminum opened Tuesday at USD 1,776.3/mt. The light metal made a brief foray into USD 1,783/mt before falling back to USD 1,756/mt as the greenback strengthened after two Fed officials said the Fed should dial back QE3 at a faster pace. LME aluminum lost USD 18/mt or 1.01% to close at USD 1,761/mt. Trading volumes shrank 509 lots to 10,609 lots, and positions added 8,736 lots to 732,889 lots.

SHFE 1404 aluminum contract climbed to RMB 13,760/mt after starting Tuesday’s night session at RMB 13,750/mt, but then moved lower to close at RMB 13,725/mt. 3,654 lots were traded during the night session, and positions increased to 61,682 lots.

The most active SHFE aluminum contract should move in a tight range of RMB 13,700-13,740/mt on Wednesday given the quiet macro front. Spot aluminum in Shanghai should trade at discounts of RMB 0-40/mt over SHFE 1401 aluminum contracts.

from metal.com