SHANGHAI, Oct. 21 (SMM) – Three-month aluminum on the London Metal Exchange rose to USD 1,989.5/mt after opening at USD 1,964/mt on Monday. But prices fell back later due to risk aversion before the release of China Q3 GDP data, closing at USD 1,969/mt. Trading volumes were down 4,756 lots to 14,729 lots, with positions up 4,391 lots to 820,942 lots.
On Monday night, SHFE 1412 aluminum contract crept higher to RMB 13,840/mt after starting at RMB 13,785/mt, and finished the night session at RMB 13,825/mt. Trading volumes totaled 31,402 lots, with positions down 1,068 lots to 122,594 lots.
Pessimism over China Q3 GDP data due for release today should send the most active SHFE aluminum contract down to RMB 13,790-13,850/mt on Tuesday. In China’s spot market, weak demand will result in spot discounts of RMB 20-60/mt over SHFE 1411 aluminum contract.