SHANGHAI, Nov. 17 (SMM) –LME aluminum sank to almost six-year low of USD 1,465.5/mt after opening at USD 1,490.5/mt on Monday, dragged by other base metals. Finally, LME aluminum ended down USD 19/mt or 1.28% at USD 1,471/mt. Trading volumes were up 216,000 lots to 227,000 lots, and positions were up 16,459 to 832,000.
On Monday night, SHFE 1601 aluminum dipped to RMB 10,020/mt after opening at RMB 10,085/mt, and ended the night session down RMB 50/mt at RMB 10,055/mt. The most active contract should struggle around RMB 10,000/mt mark and range RMB 10,000-10,100/mt on Tuesday. In China’s spot market, sellers will remain eager to sell, but downstream buying will be tepid. Spot discounts are expected at RMB 120-80/mt over SHFE 1512 aluminum contract.
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