SHANGHAI, Aug. 18 (SMM) –LME aluminum hovered around USD 1,575/mt after opening at USD 1,580/mt on Monday. LME aluminum fell to USD 1,555/mt later in the day on concerns over slowing Chinese economy and speculative selling. Finally, the light metal ended at USD 1,566/mt. Trading volumes were up 2,932 lots to 9,467 lots, and positions were up 4,059 to 885,000. LME aluminum should move at USD 1,550-1,570/mt on Tuesday.
SHFE 1510 aluminum has found solid support at RMB 12,000/mt, and should move at RMB 12,000-12,100/mt. In China’s spot market, ample supply against poor buying will leave spot discounts at RMB 0-40/mt over SHFE 1509 aluminum contract.