SHANGHAI, Oct. 22 (SMM) – LME aluminum opened at USD 1,845.5/mt on Monday. The light metal crept higher to USD 1,863.5/mt as encouraging Chinese economic data indicate strong demand from the world’s top metal consumer. Nevertheless, LME aluminum gave back some of its earlier gains during the European session due to concerns over US economic growth. Finally, LME aluminum ended up USD 10/mt or 0.54% at USD 1,852.5/mt. Trading volumes contracted 88 lots to 8,313 lots, and positions also decreased 7,498 lots to 739,947 lots.
Markets will stay wary before key US non-farm payrolls are announced. SHFE 1312 aluminum contract, the most active one, is expected to open at RMB 14,380/mt on Tuesday and fluctuate between RMB 14,350-14,400/mt. In spot markets, a premium of RMB 0-40/mt is expected over SHFE 1311 aluminum contracts.