SHANGHAI, Oct. 22 (SMM) –LME aluminum tumbled to USD 1,511/mt after opening at USD 1,543/mt on Wednesday, due to plunging Chinese stock market and rising US dollar. Finally, LME aluminum ended down USD 28/mt or 1.81% at USD 1,515/mt, the biggest single-day loss in nearly five months. Trading volumes were up 822 lots to 15,835 lots, and positions were down 50,401 to 779,000.
On Wednesday night, SHFE 1601 aluminum moved around RMB 10,800/mt after opening lower at RMB 10,790/mt. The most active contract will remain weak at RMB 10,700-10,800/mt on Thursday. In China’s spot market, supply will be ample, while more buyers will hold to the sidelines again falling prices. Spot discounts of RMB 160-120/mt are expected over SHFE 1511 aluminum contract.