SHANGHAI, Sept. 11 (SMM) –LME aluminum climbed to USD 1,639/mt after opening at USD 1,626/mt on Thursday. The light metal fell back to USD 1,625/mt, but found strong support at the 5-day moving average, and finally ended up USD 6/mt at USD 1,634/mt. Trading volumes were down 5,701 lots to 7,986 lots, and positions were down 572 to 837,000.
SHFE 1511 aluminum found solid support at RMB 12,000/mt overnight due to entry of longs, and should move at RMB 12,000-12,090/mt on Friday. In China’s spot market, demand will pick up before the weekend, with spot discounts of RMB 70-30/mt expected over SHFE 1509 aluminum contract.
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