SHANGHAI, Aug. 27 (SMM) – A stronger US dollar weighed on base metals overnight. LME aluminum fell to as low as USD 1,525/mt on Wednesday and continued meeting resistance at the 5-day moving average. Finally, the light metal ended down USD 24/mt or 1.54% at USD 1,532/mt. Trading volumes were down 3,244 lots to 13,175 lots, and positions were up 8,207 to 855,000.
SHFE 1511 aluminum opened lower at RMB 11,810/mt on Wednesday night. The contract fell back after a brief touch at RMB 11,855/mt. SHFE 1511 aluminum should move at RMB 11,800-11,870/mt on Thursday. In China’s spot market, ample supply against poor demand will leave spot discounts at RMB 100-60/mt over SHFE 1509 aluminum contract.
