SHANGHAI, Oct. 30 (SMM) – LME aluminum started Tuesday at USD 1,891/mt. The light metal rose to the highest since August 22 of USD 1,905.8/mt, but dipped to USD 1,877/mt on US consumer confidence index for October, which dropped to the lowest since April of 71.2. Finally, LME aluminum closed down USD 11/mt or 0.58% at USD 1,879/mt. Trading volumes contracted 1,195 lots to 12,719 lots, and positions also shrank 1,008 lots to 747,923 lots.
Markets will stay cautious ahead of the policy decision of the US Federal Reserve. SHFE 1401 aluminum contract, the most active one, is expected to open at RMB 14,440/mt on Wednesday and fluctuate between RMB 14,410-14,460/mt. In spot markets, a discount of RMB 0-10/mt and a premium of RMB 0-30/mt are expected over SHFE 1311 aluminum contracts.