SHANGHAI, Oct. 15 (SMM) – LME aluminum hovered around USD 1,876/mt during Asian session after opening at USD 1,880/mt on Monday, and crept higher to USD 1,885.8/mt in late Asian trading hours. Nevertheless, the light metal sank to USD 1,962.8/mt during European session on bearish sentiment, closing the day at USD 1,875/mt. Trading volumes added 1,903 lots to 14,028 lots, while positions also grew 8,928 lots to 746,775 lots. LME aluminum inventories dropped 6,950 mt to 531,450 mt.
Weak SHFE current-month aluminum contracts will deprive SHFE 1312 aluminum contract of upward momentum, which is expected to open at RMB 14,430/mt on Tuesday and fluctuate between RMB 14,400-14,460/mt. In spot markets, a discount of RMB 0-10/mt and a premium of RMB 0-30/mt are expected over SHFE 1310 aluminum contracts due to soft demand.