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

SHANGHAI, Nov. 19 (SMM) – The US dollar softened against the euro following better-than-expected Germany’s ZEW Economic Sentiment Index. But LME aluminum drew no support from a weaker greenback. Japan’s announcement of consumption tax delay and falling home prices in 70 medium and large cities in China dampened investor sentiment. As a result, LME aluminum dropped to USD 2,002/mt before closing Tuesday at USD 2,015/mt. Trading volumes were up 2,590 lots to 11,589 lots, with positions down 7,192 lots to 860,263 lots.    
 
On Tuesday night, SHFE 1501 aluminum contract dipped to RMB 13,625/mt after starting at RMB 13,675/mt due to negative news from China and Japan, and finished the night session at RMB 13,670/mt. Trading volumes totaled 26,150 lots, with positions up 234 lots to 133,526 lots. 
 
The most active SHFE aluminum contract should move between RMB 13,600-13,700/mt on Wednesday. In China’s spot market, weak will remain slack, with spot aluminum expected to trade at discounts of RMB 30-70/mt over SHFE 1412 aluminum contract.

from metal.com