SHANGHAI, Sept. 17 (SMM) –LME aluminum opened at USD 1,619.5/mt on Wednesday. The light metal rose to USD 1,629/mt on the back of rising European and Asian stock market and a weaker US dollar after release of disappointing US CPI. Finally, LME aluminum ended at USD 1,627/mt. Trading volumes were down 6,998 lots to 9,555 lots, and positions were down 11,754 to 817,000.
SHFE 1511 aluminum opened at RMB 11,935/mt during Wednesday’s night session, and tested resistance at RMB 11,960/mt. The most active contract should range RMB 11,940-12,000/mt on Thursday amid strong risk aversion before the US Fed’s policy result. In China’s spot market, supply will be abundant, with spot discounts of RMB 80-40/mt expected over SHFE 1510 aluminum contract.