SHANGHAI, Oct. 10 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,945/mt on Thursday. The light metal climbed to USD 1,969/mt as US initial jobless claims dropped unexpectedly, but retreated to USD 1,935.5/mt later in the day. Prices rebounded again to close the day up USD 4.5/mt at USD 1,946/mt. Trading volumes were up 1,382 lots to 11,539 lots, with positions up 3,980 lots to 811,017 lots.
On Thursday night, SHFE 1412 aluminum contract started at RMB 13,870/mt. The most active contract touched session low of RMB 13,855/mt and session high of RMB 13,960/mt before finishing at RMB 13,870/mt. Trading volumes totaled 45,594 lots, with positions up 2,528 lots to 147,824 lots.
The most active SHFE aluminum contract is expected to fluctuate narrowly between RMB 13,800-13,930/mt on Friday. In China’s spot market, spot discounts of RMB 0-40/mt are expected over SHFE 1410 aluminum contract.