SHANGHAI, Sept. 1 (SMM) –SHFE 1511 aluminum fell to multi-year low of RMB 11,775/mt after opening at RMB 11,900/mt during Monday’s night session. But it recovered some losses after crude oil rose significantly. Finally, the light metal ended at RMB 11,855/mt.
Today will see the release of offical and Caixinmanufacturing PMI for China. SHFE 1511 aluminum should range RMB 11,800-11,880/mt on Tuesday. In China’s spot market, pre-holiday stocking will narrow spot discounts to RMB 80-40/mt over SHFE 1509 aluminum contract.