SHANGHAI, Sept. 21 (SMM) – The US Fed decided to keep interest rate unchanged, but made hawkish statement over future rate hike and balance sheet reduction. So, the US dollar index surged, pressuring base metals. LME aluminum fell after a low opening today, and should fall further to USD 2,165-2,185/mt today. Other local governments may issue programs for winter output cuts. SHFE 1711 aluminum will drop at first due to hawkish stance of the US Fed and then rebound on anticipation for winter output cuts. SHFE 1711 aluminum will range RMB 16,800-17,050/mt today.
In east China’s spot aluminum market, spot discounts are expected at RMB 270-230/mt over SHFE 1710 aluminum contract.
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