SHANGHAI, Nov. 27 (SMM) – LME aluminum opened at USD 1,776/mt on Tuesday. US building permits in September and October rose more than expected to 97.4 and 103.4, respectively. Positive data drove LME aluminum up to USD 1,784.5/mt. However, the Conference Board’s US consumer confidence index for November released later in the day slid to 70.4, causing LME aluminum to wipe out earlier gains and close USD 3/mt lower at USD 1,773/mt. Trading volumes grew 481 lots to 10,120 lots, and positions also added 8,082 lots to 724,473 lots.
Investors will pull out of the market ahead of upcoming Thanksgiving Day, leaving LME aluminum market quiet. SHFE 1402 aluminum contract is expected to open at RMB 14,080/mt on Wednesday and move within RMB 14,060-14,110/mt. In spot markets, a premium of RMB 30-70/mt is expected over SHFE 1312 aluminum contracts.