SHANGHAI, Nov. 19 (SMM) – LME aluminum opened at USD 1,790.5/mt on Monday. The light metal ranged between day’s high of USD 1,794.5/mt and day’s low of USD 1,783/mt. Investors closed positions due to worries over metal demand from China and ahead of the release of the minutes for the Fed’s October policy meeting, causing LME aluminum to close down USD 7/mt or 0.39% at USD 1,786/mt. Trading volumes fell 1,987 lots to 8,159 lots, and positions also shrank 915 lots to 735,388 lots. LME aluminum inventories grew 35,400 mt to 5,335,050 mt.
Market caution will leave SHFE 1401 aluminum contract moving in a tight range of RMB 14,180-14,230/mt after opening at RMB 14,200/mt on Tuesday. In spot markets, a premium of RMB 50-90/mt is expected over SHFE 1312 aluminum contracts.