SHANGHAI, Sept. 15 (SMM) –LME aluminum opened at USD 1,641/mt on Monday. Falling Chinese stock market caused the light metal to retreat from the 5-day and 10-day moving averages to USD 1,614/mt. Finally, LME aluminum ended down USD 29/mt at USD 1,615/mt. Trading volumes were up 2,314 lots to 10,083 lots, and positions were up 3,993 to 833,000.
SHFE 1511 aluminum tried to touch 10-day moving average on Tuesday morning, and should be range-bound between RMB 11,950-12,000/mt on today. In China’s spot market, spot discounts will narrow to RMB 60-20/mt since delivery of SHFE 1509 aluminum contract is nearing.