Author：Site  Source：Original Site  Click to rate：1208  Post time：2014-04-04

Tags: LME aluminum prices,  SHFE aluminum prices

SHANGHAI, Apr. 4 (SMM) – LME aluminum slipped to USD 1,815/mt after opening at USD 1,826.3/mt on Thursday. The European Central Bank (ECB) kept interest rate unchanged, dashing hopes for monetary policy loosening. This sent the euro down against the US dollar, pressuring LME aluminum. US initial jobless claims and foreign trade data as well as ISM’s manufacturing PMI were disappointing. As a consequence, LME aluminum gave back some gains after rising to USD 1,846/mt, but still ended up USD 5/mt at USD and 1,833/mt. Trading volumes dropped 9,483 lots to 20,933 lots, but positions spiked 17,460 lots to 846,628 lots.

On Thursday night, SHFE 1406 aluminum contract was range-bound, with opening and closing prices at RMB 13,100/mt and RMB 13,080/mt, respectively. Trading volumes totaled 5,572 lots, and positions increased 210 lots to 123,080 lots.

Investor caution ahead of the release of US non-farm employment report will keep the most active SHFE aluminum contract within in a tight range of RMB 13,030-13,130/mt on Friday. In China’s physical market, growing demand ahead of the Tomb Sweeping Day should help narrow spot discounts over SHFE 1404 aluminum contract to RMB 160-200/mt.    

from metal.com