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Tags: LME aluminum prices,  SHFE aluminum prices

SHANGHAI, Jan. 9 (SMM) – Improving investor sentiment allowed LME aluminum to break through USD 18,000/mt and the 5-day moving average to USD 1,835/mt on Thursday. US initial jobless claims last week pointed to strengthening labor market. Risks of Greece exit from the euro zone dropped. Crude oil prices came to stabilize. Technically, LME aluminum was in “oversold territory”, driving some short sellers out of the market. Finally, the light metal closed up USD 41.75/mt or 2.33% at USD 1,833.75/mt. Trading volumes decreased 2,844 lots to 16,724 lots, with positions down 7,356 to 788,111.
 
On Thursday night, SHFE 1503 aluminum contract drifted lower after starting at RMB 12,850/mt, and finished the night session at RMB 12,805/mt.
 
China’s CPI and PPI data will be eyed today. The most active SHFE aluminum contract should move between RMB 12,780-12,850/mt on Friday. In China’s spot market, spot premiums of RMB 0-40/mt are expected over SHFE 1501 aluminum contract.    

from metal.com