SHANGHAI, Oct. 8 (SMM) – There was a lack of major events on the macro front last Friday. LME aluminum struggled at the 5-day and 60-day moving averages after opening at USD 1,843/mt last Friday. The light metal climbed to USD 1,856/mt at the tail of the session before closing at USD 1,853/mt, up USD 11.3/mt or 0.61%. Trading volumes shrank 2,637 lots to 8,268 lots, and positions also contracted 10,008 lots to 730,573 lots.
SHFE 1312 aluminum contract is expected to open at RMB 14,290/mt on Tuesday and fluctuate between RMB 14,265-14,325/mt. In spot markets, post-holiday restocking will leave spot aluminum at a backwardation of RMB 120-160/mt over SHFE 1310 aluminum contracts.