SHANGHAI, Aug. 13 (SMM) –LME aluminum opened at USD 1,585/mt on Wednesday. The light metal fell to a new six-year low of USD 1,553/mt, but then rallied to USD 1,598/mt as the US dollar softened. Finally, LME aluminum ended down USD 2.5/mt at USD 1,586.5/mt. Trading volumes were down 1,334 lots to 13,980 lots, and positions were up 3,311 to 881,000.
SHFE 1510 aluminum should remain firm at RMB 12,200-12,250/mt on Thursday, supported by a weaker Chinese yuan. In China’s spot market, spot discounts of RMB 0-40/mt are expected over SHFE 1508 aluminum contract.