SHANGHAI, Sept. 18 (SMM) –LME aluminum fell to USD 1,612/mt on Thursday. But The light metal rebounded to USD 1,636/mt later as the US dollar index fell after the US Fed announced no rate hike in September. Finally, LME aluminum ended up USD 4/mt at USD 1,631/mt. Trading volumes were down 611 lots to 8,944 lots, and positions were up 5,380 to 822,000.
LME aluminum moved lower after a high opening on Friday, indicating that positive impact from the US Fed’s policy decision is fading. SHFE 1511 aluminum should range RMB 11,930-11,200/mt on Friday In China’s spot market, demand might pick up before the weekend, which will narrow spot discounts to RMB 70-30/mt over SHFE 1510 aluminum contract.