SHANGHAI, Sept. 23 (SMM) – European and US stock markets slumped on concerns over China’s economic growth. This caused LME aluminum to fall below the 20-day and 40-day moving averages to USD 1,584/mt after opening at USD 1,615/mt on Tuesday. Finally, LME aluminum ended at USD 1,587/mt. Trading volumes were up 4,817 lots to 15,844 lots, and positions were down 4,223 to 812,000.
On Tuesday night, SHFE 1512 aluminum hit a six-year low of RMB 11,755/mt on strong bearishness. China’s manufacturing PMI for September will be eyed today. The most active contract should move at RMB 11,750-11,850/mt on Wednesday In China’s spot market, sellers will remain eager to sell to avoid carrying stocks through the holiday, and spot discounts of RMB 70-30/mt are expected over SHFE 1510 aluminum contract.