Author：Site  Source：Original Site  Click to rate：1273  Post time：2014-04-11

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

SHANGHAI, Apr. 11 (SMM) – LME aluminum dipped to USD 1,854/mt after opening Thursday at USD 1,861/mt due to downbeat China foreign trade data for March. The light metal, however, rebounded to USD 1,895.8/mt following upbeat data that showed US initial jobless claims for last week dropped to a 7-year low. Finally, LME aluminum closed the day up USD 29.5/mt or 1.59% at USD 1,877.5/mt. Trading volumes added 5,791 lots to 24,260 lots, and positions surged 10,382 lots to 87,384 lots.

On Thursday night, SHFE 1406 aluminum contract crept higher to RMB 13,245/mt after starting at RMB 13,175/mt, and finished the night session up RMB 70/mt at RMB 13,200/mt. Trading volumes totaled 21,158 lots, and positions dropped 294 lots to 125,874 lots.

The most active SHFE aluminum contract looks set to move higher to RMB 13,160-13,230/mt on Friday on growing bullish sentiment. In China’s physical market, demand is expected to pick up ahead of the weekend, so spot discounts should narrow to RMB 120-160/mt over SHFE 1404 aluminum contract.           

from metal.com