SHANGHAI, Jul. 27 (SMM) –LME aluminum opened at USD 1,640/mt last Friday. The light metal touched day’s high of USD 1,650/mt and day’s low of USD 1,632/mt before ending up 0.49% at USD 1,645/mt. Trading volumes were down 4,855 lots to 8,452 lots, and positions were down 16,319 to 884,000. LME aluminum inventories fell 10,125 mt to 3,480,500 mt.
Market will continue to digest aluminum smelter production cut news. SHFE 1510 aluminum contract is expected to move at RMB 12,250-12,400/mt on Monday. In China’s spot market, spot discounts of RMB 80-120/mt are expected over SHFE 1508 aluminum contract.