SHANGHAI, Sept. 9 (SMM) –LME aluminum opened at USD 1,603/mt on Tuesday. The light metal rose to USD 1,635/mt as US stock market rebounded and the US dollar index fell. Finally, LME aluminum ended up USD 34.5/mt at USD 1,632.5/mt. Trading volumes were up 4,426 lots to 11,374 lots, and positions were down 1,935 to 844,000.
SHFE 1511 aluminum followed LME aluminum up above the 20-day moving average to RMB 12,045/mt during Tuesday’s night session. The most active contract should move at RMB 11,970-12,050/mt on Wednesday. In China’s spot market, demand will remain slack, which will widen spot discounts to RMB 100-60/mt over SHFE 1509 aluminum contract.