SHANGHAI, Nov. 7 (SMM) – LME aluminum opened at USD 1,820/mt on Wednesday. The light metal ranged between day’s high of USD 1,834/mt and day’s low of USD 1,814.5/mt, closing the day at USD 1,820/mt. Most of the European economic data released overnight came in positive, but stubbornly high unemployment rate in the euro zone eroded base metals demand in some EU member states, keeping LME aluminum in check. Trading volumes fell 3,648 lots to 137,688 lots, and positions also shrank 2,613 lots to 745,081 lots, indicating investors are unwilling to increase positions ahead of the upcoming US non-farm payrolls and the Third Plenary Session of the 18th Communist Party of China (CPC) Central Committee. LME aluminum inventories also dropped 10,000 mt to 5,358,325 mt.
SHFE 1401 aluminum contract, the most active one, is expected to open at RMB 14,300/mt on Thursday and move between RMB 14,290-14,340/mt. In spot markets, a premium of RMB 10-50/mt is expected over SHFE 1311 aluminum contracts.