Author：Site  Source：Original Site  Click to rate：1148  Post time：2014-05-07

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

SHANGHAI, May 7 (SMM) – LME aluminum climbed to USD 1,796.8/mt during the Asian trading hours after opening at USD 1,787/mt on Tuesday, but retreated to USD 1,782.8/mt in early European session. Despite a softer greenback, worries over the Ukraine crisis prevented the light metal from rebounding. Finally, LME aluminum ended down USD 1.2/mt at USD 1,785.8/mt. Trading volumes dropped 1,974 lots to 13,676 lots, and positions also fell 2,643 lots to 863,586 lots.

On Tuesday night, SHFE 1407 aluminum contract slid to RMB 13,120/mt after starting at RMB 13,185/mt, and closed the night session at RMB 13,160/mt. Trading volumes totaled 12,968 lots, and positions gained 2,340 lots to 117,094 lots.

The most active SHFE aluminum contract is expected to move lower to RMB 13,120-13,180/mt on Wednesday due to bearish technical indicators. In China’s physical market, spot discounts of RMB 20-60/mt are expected over SHFE 1405 aluminum contract.                      

from metal.com