SHANGHAI, Aug. 24 (SMM) – LME aluminum opened at USD 1,566.5/mt last Friday. The light metal climbed to USD 1,581/mt, but immediately moved all the way down to a six-year low of USD 1,541/mt. Finally, LME aluminum ended down USD 23/mt at USD 1,545/mt. Trading volumes were up 2,403 lots to 12,354 lots, and positions were down 3,181 to 845,000. European and US stock market fell last Friday. Investors fled from risky assets, causing LME aluminum and the US dollar index to fall together.
LME aluminum opened at USD 1,543/mt on Monday, and met strong resistance at the 5-day moving average.
SHFE 1510 aluminum should fall to RMB 11,900-11,990/mt on Monday as base metals market will be shadowed by bearish sentiment. In China’s spot market, consumption will remain poor, with spot discounts of RMB 110-70/mt expected over SHFE 1509 aluminum contract.