SHANGHAI, Sept. 14 (SMM) –LME aluminum moved around the 60-day moving average after opening at USD 1,626/mt last Friday. The light metal dipped to USD 1,630/mt, but found strong support at the 5-day moving average, and finally ended up USD 10/mt or 0.61% at USD 1,644/mt. Trading volumes were down 217 lots to 7,769 lots, and positions were down 8,094 to 829,000.
SHFE 1511 aluminum found solid support at RMB 12,000/mt during last Friday’s night session. Caution will prevail before the Us Fed’s policy decision later in the week. The most active contract should be range-bound between RMB 12,000-12,080/mt on Monday. In China’s spot market, spot discounts will narrow to RMB 70-30/mt since delivery of SHFE 1509 aluminum contract is nearing.