SHANGHAI, Aug. 14 (SMM) –LME aluminum opened at USD 1,586/mt on Thursday. The light metal climbed to an intraday high of USD 1,593/mt after the US dollar softened, but then fell back to USD 1,569/mt as investors cut bullish bets. Finally, LME aluminum ended down USD 13.5/mt at USD 1,573/mt. Trading volumes were down 6,129 lots to 7,851 lots, and positions were down 11,202 to 870,000.
SHFE 1510 aluminum has found strong support, and should range RMB 12,080-12,160/mt on Friday. In China’s spot market, sellers will show high selling interest at above RMB 12,000/mt. with delivery date of SHFE front-month contract nearing, spot discounts of RMB 0-40/mt are expected over SHFE 1508 aluminum contract.