Author：Site  Source：Original Site  Click to rate：1211  Post time：2014-02-19

SHANGHAI, Feb. 19 (SMM) – LME aluminum opened at USD 1,736.25/mt on Tuesday. The light metal edged lower to USD 1,716/mt during Asian trading session, but bounced back to USD 1,766/mt during European hours on a softer greenback. New York Fed’s manufacturing index in February fell from January’s 20-month high of 12.51 to 4.48, driving the US dollar index down below 80. LME aluminum ended up USD 24/mt or 1.38% at USD 1,761.5/mt. Trading volumes increased 8,851 lots to 16,337 lots, and positions added 18,356 lots to 786,532 lots.

SHFE 1404 aluminum contract followed LME aluminum up to RMB 13,495/mt after opening Tuesday’s night session at RMB 13,420/mt, and closed at RMB 13,490/mt. 3,738 lots were traded during the night hours, and positions shrank 928 lots to 83,938 lots.

The most active SHFE aluminum contract should fluctuate between RMB 13,450-13,520/mt on Wednesday. Spot aluminum in Shanghai should trade at discounts of RMB 140-180/mt over SHFE 1403 aluminum contract prices.           

from metal.com