SHANGHAI, Oct. 8 (SMM) – LME aluminum fell on Wednesday to hover around USD 1,945/mt in Asian trading hours after the US dollar index extended losses. The most active SHFE 1412 aluminum contract started Wednesday at RMB 14,045/mt, and fluctuated largely above the RMB 14,000/mt mark during the morning trading session.
The price of the contract followed LME aluminum down to an intraday low of RMB 13,925/mt subsequently, and finished down RMB 115/mt at RMB 13,945/mt. Trading volumes for the most active contract lost 31,606 lots to 33,946 lots, while positions added 250 lots to 146,206 lots. SHFE aluminum is highly likely to fall for the near term due to negative technical indicators.