SHANGHAI, Oct. 17 (SMM) – Three-month aluminum on the London Metal Exchange opened at USD 1,920/mt on Thursday before falling to USD 1,893.5/mt due to worries over global economic slowdown. But prices rebounded later on a soft greenback. The US dollar index fell as initial jobless claims in the US hit 14-year low last week and as US industrial output rose more than expected in September. Finally, the light metal closed USD 8/mt higher at USD 1,926/mt. Trading volumes were up 4,866 lots to 20,655 lots, with positions down 2,045 lots to 814,091 lots.
On Thursday night, SHFE 1412 aluminum contract dipped to RMB 13,555/mt after starting at RMB 13,605/mt, and finished the night session at RMB 13,645/mt.
The most active SHFE aluminum contract should fluctuate between RMB 13,600-13,680/mt on Friday. In China’s spot market, weak demand will result in spot discounts of RMB 20-60/mt over SHFE 1411 aluminum contract.