For the most of the week, players were unable to grasp the direction of OME market and the prices were range-bound as both the currency and LME three-month aluminium markets remained in a narrow range.
At the end of the week, on August 4, OME prices went slightly easier on long-liquidation with distant contract closing at 166.4 yen in response to LME three-month aluminium falling below the $1,560 level, down $25 from the previous day.
"It seems the 170 yen level has stayed as the upper-end for the distant contract of OME aluminium for the past 2 weeks. Unless new encouraging incentives appear in OME aluminium market, the market will probably remain little changed amid LME three-month aluminium failing to break the $1,600/tonne level for the past 3 weeks," a trader said.
This week's volume of trading totaled 22,946 lots. The open interest totaled 61,667 lots as of August 4.