Author：Site  Source：Original Site  Click to rate：1317  Post time：2014-01-17

Tags: LME aluminum,  SHFE aluminum,aluminium sheet, aluminium circle

SHANGHAI, Jan. 17 (SMM) – LME aluminum opened at USD 1,784.8/mt on Thursday before moving higher to USD 1,809/mt as the US dollar index fell to 80.77. However, the light metal gave back some gains later in the day after the greenback rebounded following Fed Chairman Bernanke’s remarks, closing USD 10.5/mt or 0.59% higher at USD 1,793.3/mt. Trading volumes added 3,116 lots to 17,137 lots, but positions dropped 2,536 lots to 708,089 lots.

SHFE 1404 aluminum contract followed LME aluminum up to RMB 13,795/mt after starting Thursday’s night session at RMB 13,770/mt, but then fell back. 3,838 lots were traded during the night session, and positions increased to 61,708 lots.

Risk aversion sentiment before the weekend will leave the most active SHFE aluminum contract fluctuating in a tight range of RMB 13,740-13,800/mt. Spot aluminum in Shanghai should trade at discounts of RMB 80-120/mt over SHFE 1402 aluminum contract prices.  

from metal.com