SHANGHAI, Nov. 13 (SMM) –LME aluminum opened at USD 1,505/mt on Thursday, and hit a high of USD 1,528/mt due to exit of shorts. But LME aluminum then tracked other base metals down to USD 1,487/mt. Finally, LME aluminum ended down USD 23.5/mt or 1.55% at USD 1,492/mt. Trading volumes were down 77 lots to 15,719 lots, and positions were down 1,820 to 805,000.
On Thursday night, SHFE 1601 aluminum briefly touched RMB 9,935/mt after opening at RMB 10,020/mt. The contract then bounced back to RMB 10,180/mt, but met strong resistance at the 5-day moving average. The most active contract should range RMB 10,050-10,150/mt on Friday. In China’s spot market, demand will be poor, and spot discounts are expected at RMB 130-90/mt over SHFE 1511 aluminum contract.