SHANGHAI, Nov. 17 (SMM) – Three-month aluminum on the London Metal Exchange slid to USD 2,011/mt after opening at USD 2,039.8/mt last Friday, dragged down by a stronger greenback. US retail sales rose 0.3% MoM in October, and the University of Michigan’s consumer confidence index hit 89.4 in November, strengthening the US dollar. But the subsequent pullback in the US dollar index and rising crude oil prices helped LME aluminum rebound. Finally, the light metal closed down USD 10/mt at USD 2,027/mt. Trading volumes were up 2,556 lots to 13,833 lots, with positions up 7,830 lots to 872,141 lots.     

 

Last Friday night, SHFE 1501 aluminum contract followed LME aluminum up to RMB 13,760/mt after starting at RMB 13,690/mt, and finished the night session at RMB 13,715/mt. Trading volumes totaled 24,572 lots, with positions up 382 lots to 141,584 lots.  

 

The most active SHFE aluminum contract should move between RMB 13,700-13,780/mt on Monday. In China’s spot market, spot aluminum is expected to trade at discounts of RMB 0-40/mt over SHFE 1411 aluminum contract.