SHANGHAI, Oct. 29 (SMM) – LME aluminum started Monday at USD 1,876/mt. The light metal hit a 2-month high of USD 1,900/mt as investors bet that the LME will change warehousing rules. Finally, LME aluminum closed USD 13/mt or 0.69% higher at USD 1,890/mt. Trading volumes increased 2,982 lots to 13,914 lots, and positions also added 4,075 lots to 748,931 lots.
SHFE 1401 aluminum contract, the most active one, is expected to open at RMB 14,410/mt on Monday and fluctuate between RMB 14,380-14,440/mt. In spot markets, a discount of RMB 0-10/mt and a premium of RMB 0-30/mt are expected over SHFE 1311 aluminum contracts.