SHANGHAI, Sept. 29 (SMM) –Slump in mining giant Glencore’s shares sent LME aluminum plunging on Monday. LME aluminum sank to USD 1,541.5/mt from USD 1,570/mt. The light metal recovered some losses later, but still ended down USD 15.5/mt at USD 1,554/mt. Trading volumes were up 4,190 lots to 13,860 lots, and positions were up 2,098 to 825,000.
Slump in mining giant Glencore’s shares sparked selloffs in base metals market. SHFE 1512 aluminum refreshed a six-year low of RMB 11,690/mt after opening lower at RMB 11,720/mt during Monday’s night session. The most active contract should move at RMB 11,680-11,750/mt on Tuesday. In China’s spot market, trading activity will continue waning with the holiday nearing, with spot discounts of RMB 0-40/mt expected over SHFE 1510 aluminum contract.