SHANGHAI, Nov. 19 (SMM) –LME aluminum opened at USD 1,473/mt on Wednesday. The light metal climbed to USD 1,483.5/mt briefly before falling back to a new six-year low of USD 1,458.5/mt as SHFE aluminum fell below RMB 10,000/mt. Finally, LME aluminum ended down USD 1/mt at USD 1,471.5/mt. Trading volumes were down 766 lots to 12,770 lots, and positions were down 25,547 to 798,000.
On Wednesday night, SHFE 1601 aluminum fell to RMB 9,940/mt after opening at RMB 10,020/mt due to entry of longs. Some aluminum smelters in China cut output this month, and more are expected to do so should prices fall further. The most active contract should range RMB 9,950-10,050/mt on Thursday. In China’s spot market, spot discounts are expected at RMB 140-100/mt over SHFE 1512 aluminum contract.
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