SHANGHAI, Oct. 8 (SMM) – Three-month aluminum on the London Metal Exchange touched a low of USD 1,885/mt during China’s National Day holiday as the positive nonfarm payroll data boosted anticipation of Fed’s interest rate hike, but then bounced back.
LME aluminum prices started at USD 1,929/mt on October 7 and once jumped above USD 1,950/mt, and closed at USD 1,955.75/mt. Trading volumes increased 5,126 lots to 13,423 lots, while positions rose by 3,164 lots to 800,613 lots.
The most active SHFE aluminum contract is expected to trade at RMB 14,000-14,070/mt on October 8. In China’s spot market, aluminum will be offered between a discount of RMB 20/mt and a premium of RMB 20/mt over SHFE 1410 aluminum contract.