SHANGHAI, Oct. 16 (SMM) –LME aluminum hovered around USD 1,595/mt after opening at USD 1,593.5/mt on Thursday. But LME aluminum fell to USD 1,564/mt later as the US dollar index rose while gold and crude oil prices dropped. Finally, the light metal ended down USD 16/mt or 1% at USD 1,579/mt. Trading volumes were up 4,324 lots to 13,158 lots, and positions were up 7,584 to 834,000.
On Thursday night, SHFE 1512 aluminum opened lower at RMB 11,250/mt due to falling LME aluminum and other base metals. The most active contract should remain weak between RMB 11,200-11,300/mt on Friday on risk aversion before the weekend. In China’s spot market, sellers will rush to sell, and spot discounts will widen to RMB 80-40/mt over SHFE 1511 aluminum contract.