SHANGHAI, Oct. 10 (SMM) – LME aluminum opened at USD 1,856.8/mt on Wednesday. The light metal swung between gains and losses during the Asian session. During the European trading hours, LME aluminum advanced to USD 1,887.5/mt before dipping to USD 1,850/mt due to a rising US dollar index. Finally, LME aluminum closed up USD 2.5/mt or 0.13% at USD 1,865/mt. Trading volumes increased 5,200 lots to 19,033 lots, and positions also added 5,304 lots to 7,391 lots.
SHFE 1312 aluminum contract is expected to open at RMB 14,370/mt on Thursday and fluctuate between RMB 14,320-14,410/mt. In spot markets, a backwardation of RMB 30-70/mt is expected over SHFE 1310 aluminum contracts.