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Tags: LME aluminum,  SHFE aluminum,aluminium sheet

SHANGHAI, Feb. 14 (SMM) – LME aluminum dipped to USD 1,713.5/mt after opening at USD 1,732.3/mt on Thursday due to disappointing economic data. US initial jobless claims added a mere 8,000 last week, and the country’s retail sales slipped 0.4% MoM in January, both worse than expected. However, the US dollar index slid to 80.1, helping the light metal advance to USD 1,746/mt at the tail of the session and end the day USD 14/mt or 0.81% higher. Trading volumes added 1,763 lots to 11,511 lots, and positions also increased 6,992 lots to 740,336 lots.

SHFE 1404 aluminum contract started Thursday’s night session at RMB 13,360/mt. The most active contract edged lower to RMB 13,305/mt before closing at RMB 13,355/mt.  3,350 lots were traded during the night hours, and positions added 358 lots to 80,734 lots.

China’s PPI and CPI data for January are closely watched today. April aluminum on the SHFE should fluctuate between RMB 13,340-13,400/mt on Friday. Spot aluminum should trade at discounts of RMB 90-130/mt over SHFE 1402 aluminum contract prices.

from metal.com