Author：Site  Source：Original Site  Click to rate：995  Post time：2014-08-27

Tags: LME aluminum prices,  SHFE aluminum prices

SHANGHAI, Aug. 27 (SMM) – Three-month aluminum on the London Metal Exchange jumped to USD 2,100/mt on Tuesday, buoyed by a bunch of sunny economic numbers from the US. The Conference Board’s consumer confidence index rose to 92.4 in August, its highest level since October 2007. US durable goods orders jumped 22.6% in July. The light metal, however, gave back some gains later in the day due to rising US dollar and growing worries about a possible interest rate hike by the US Fed, ending the day up USD 19.3/mt at USD 2,083.3/mt. Trading volumes were up 4,732 lots to 11,925 lots, with positions down 2,049 lots to 864,561 lots.
 
On Tuesday night, SHFE 1411 aluminum contract hit a new high of RMB 14,520/mt after starting higher at RMB 14,480/mt. The contract, however, fell back to finish at RMB 14,460/mt due to profit taking at highs. Trading volumes totaled 25,410 lots, with positions up 3,718 lots to 133,698 lots.
 
The most active SHFE aluminum contract should gather little upward momentum today following sharp gains overnight, with prices expected between RMB 14,420-14,500/mt on Wednesday. In China’s physical market, spot discounts of RMB 20-60/mt are expected over SHFE 1409 aluminum contract.

from metal.com