Author：Site  Source：Original Site  Click to rate：1146  Post time：2014-02-24

Tags: LME aluminum prices,  SHFE aluminum prices

SHANGHAI, Feb. 24 (SMM) – LME aluminum crept up to USD 1,783/mt after opening at USD 1,771/mt last Friday. The light metal, however, pared some gains later in the day due to risk aversion ahead of the weekend and falling US existing home sales in January. Finally, LME aluminum ended up USD 2.8/mt at USD 1,772.5/mt. Trading volumes decreased 2,884 lots to 11,928 lots, but positions added 1,858 lots to 751,164 lots.

SHFE 1405 aluminum contract drifted higher to RMB 13,550/mt after opening last Friday’s night session at RMB 13,510/mt, but fell back afterwards to close at RMB 13,500/mt. 4,464 lots were traded during the night hours, and positions added 1,074 lots to 86,018 lots.

The most active SHFE aluminum contract should fluctuate between RMB 13,480-13,520/mt on Monday. In China’s physical market, wait-and-see sentiment at the beginning of the week will leave spot aluminum prices at discounts of RMB 190-230/mt over SHFE 1403 aluminum contract prices.             

aluminium circle

from metal.com