Author：Site  Source：Original Site  Click to rate：1450  Post time：2014-03-04

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

SHANGHAI, Mar. 4 (SMM) – HSBC’s China manufacturing PMI slipped to 48.5 in February. Political instability in Ukraine turned investors to gold as safe haven and away from risky assets. In this scenario, LME aluminum sank to USD 1,715/mt after opening at USD 1,750/mt on Monday, and finally ended the day down USD 29.5/mt or 1.68% at USD 1,721.3/mt. Trading volumes surged 8,121 lots to 19,971 lots, and positions also added 4,662 lots to 786,706 lots.

SHFE 1405 aluminum contract edged down to RMB 13,185/mt after starting Monday’s night session at RMB 13,210/mt, but then moved higher to close at RMB 13,215/mt on short-covering. 5,120 lots were traded during the night hours, and positions added 460 lots to 95,674 lots.

Negative macroeconomic data will keep the most active SHFE aluminum contract in check within RMB 13,170-13,230/mt on Tuesday. In China’s physical market, spot aluminum should trade at discounts of RMB 180-220/mt over SHFE 1403 aluminum contract prices.

from metal.com