SHANGHAI, Nov. 20 (SMM) – LME aluminum opened at USD 1,784/mt on Tuesday. Some investors stepped in after the light metal fell to USD 1,776/mt, pushing it up to USD 1,788/mt. Bernanke and Yellen’s support for QE3 drove LME aluminum up further to USD 1,798/mt. Finally, LME aluminum gained USD 6.8/mt or 0.38% to close at USD 1,792/mt. Trading volumes added 5,704 lots to 13,863 lots, while positions contracted 7,901 lots to 727,487 lots.
Market optimism will help SHFE 1401 aluminum contract rebound, which is expected to open at RMB 14,200/mt and move between RMB 14,200-14,250/mt on Wednesday. In spot markets, a premium of RMB 50-90/mt is expected over SHFE 1312 aluminum contracts.