SHANGHAI, Nov. 5 (SMM) – LME aluminum opened at USD 1,846/mt on Monday. The light metal ranged between day’s high of USD 1,850.8/mt and day’s low of USD 1,820/mt, closing the day down USD 14.7/mt at USD 1,828.3/mt. Trading volumes added 1,017 lots to 14,954 lots, and positions also increased 3,675 lots to 5,372,625 lots.
Market caution will will cause SHFE 1401 aluminum contract, the most active one, to open lower at RMB 14,350/mt on Tuesday, with prices expected between RMB 14,330-14,380/mt. Longs may enter the market at the bottom. In spot markets, a premium of RMB 0-40/mt is expected over SHFE 1311 aluminum contracts.