SHANGHAI, Oct. 24 (SMM) – Three-month aluminum on the London Metal Exchange drifted lower after opening at USD 2,033/mt on Thursday. Prices rebounded to USD 2,010/mt later on positive manufacturing PMI in China and major members of the euro zone, but was then dragged down by a strong US dollar to close the day at USD 1,982.5/mt. Trading volumes were down 2,837 lots to 11,757 lots, with positions up 15,718 lots to 836,898 lots.
On Thursday night, SHFE 1412 aluminum contract crept higher to RMB 13,860/mt after starting at RMB 13,750/mt, and finished the night session at RMB 13,785/mt. Trading volumes totaled 18,060 lots, with positions down 1,798 lots to 97,978 lots.
Relatively quiet macro front should keep the most active SHFE aluminum contract in check within RMB 13,730-13,830/mt on Friday. In China’s spot market, slack demand will cause spot discounts to expand to RMB 70-110/mt over SHFE 1411 aluminum contract.