Author：Site  Source：Original Site  Click to rate：1234  Post time：2014-04-09

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

SHANGHAI, Apr. 9 (SMM) – US Fed official’ speech raised anticipation that the Fed will keep monetary policy accommodative, causing the US dollar index to wipe out gains. This helped LME aluminum advance to USD 1,837.8/mt after opening at USD 1,819.3/mt on Tuesday. However, growing tensions in the Ukraine crisis sent the light metal down to USD 1,812/mt later in the day. Finally, LME aluminum ended the day up 2.3/mt at USD 1,824.3/mt. Trading volumes dropped 634 lots to 12,571 lots, but positions increased 469 lots to 865,576 lots. Inventories grew another 250 mt to 5,355,925 mt.

On Tuesday night, SHFE 1406 aluminum contract crept higher to RMB 13,130/mt after starting at RMB 13,075/mt, and finished the night session at RMB 13,130/mt. Trading volumes totaled 4,666 lots, and positions gained 302 lots to 124,044 lots.

The most active SHFE aluminum contract should fluctuate between RMB 13,090-13,150/mt on Wednesday. In China’s physical market, upcoming delivery date of SHFE 1404 aluminum contract will help narrow spot discounts over SHFE current-month aluminum contract to RMB 140-180/mt.

from metal.com