SHANGHAI, Sept. 16 (SMM) –LME aluminum fell to USD 1,590/mt on Tuesday, but then bounced back to above USD 1,600/mt on exit of shorts. Finally, LME aluminum ended at USD 1,617.5/mt. Trading volumes were up 6,470 lots to 16,553 lots, and positions were down 4,375 to 828,000. It’s worth noting that LME aluminum inventories surged 87,500 mt to 3,263,375 mt. The growth was contributed by Singapore and Port Kelang Malaysia, where inventories increased 27,775 mt and 67,925 mt, respectively.
SHFE 1511 aluminum tracked LME aluminum up during Tuesday’s night session, but met resistance at RMB 11,940/mt. The most active contract should range RMB 11,900-12,000/mt on Wednesday. In China’s spot market, SHFE 1510 aluminum has become the front-month contract today. Spot discounts might widen to RMB 80-40/mt over SHFE 1510 aluminum contract.