SHANGHAI, Oct. 16 (SMM) – LME aluminum opened at USD 1,878/mt on Tuesday. The light metal climbed to USD 1,878.3/mt at the end of Asian session shortly before retreating from the 5-day and 10-day moving averages to USD 1,848/mt during European trading hours, pulled down by short sellers buying positions after the US Congress failed to strike a deal over debt ceiling issues. Finally, LME aluminum ended down USD 21/mt or 1.12% at USD 1,858/mt. Trading volumes added 64 lots to 1,492 lots, while positions surged 4,092 lots to 750,867 lots. LME aluminum inventories increased 21,875 mt to 5,343,325 mt.
SHFE 1312 aluminum contract, the most active one, is expected to open at RMB 14,330/mt on Wednesday and fluctuate between RMB 14,320-14,370/mt. In spot markets, a discount of RMB 0-20/mt and a premium of RMB 0-20/mt are expected over SHFE 1311 aluminum contracts.