SHANGHAI, Oct. 14 (SMM) – LME aluminum crept up to USD 1,890/mt after opening at USD 1,887/mt last Friday, buoyed by optimism that the US Congress will reach an agreement over debt ceiling talks. The light metal slipped to USD 1,861/mt during the European session, but did rebound at the tail of the trading before closing at USD 1,885.5/mt, up USD 4.7/mt or 0.25%. Trading volumes added a mere 9 lots to 12,125 lots, while positions also grew 2,516 lots to 737,847 lots.
Markets are anticipating upbeat China CPI and PPI due to be released today. This will help SHFE 1312 aluminum contract, the most active one, open at RMB 14,440/mt on Monday and fluctuate between RMB 14,410-14,500/mt. In spot markets, a contango of RMB 0-10/mt and a backwardation of RMB 0-30/mt are expected over SHFE 1310 aluminum contracts.