Author：Site  Source：Network  Click to rate：1243  Post time：2015-10-12

SHANGHAI, Oct. 12 (SMM) – Base metals prices gained upward momentum last Friday after Glencore announced zinc output cut. LME aluminum hit close to two month high of USD 1,646/mt after opening at USD 1,565/mt. The light metal pared some gains later, but still ended up USD 51/mt at USD 1,612/mt. Trading volumes were up 23,405 lots to 34,387 lots, and positions were up 4,207 to 820,000.  

Last Friday night, SHFE 1512 aluminum stabilized above the 5-day moving average, supported by rising LME aluminum. The most active contract should rise to RMB 11,600-11,710/mt on Monday on news that Chalco (Liancheng) will shut down all the remaining electrolytic cells. In China’s spot market, sellers will hold offers firm, and spot discounts of RMB 0-30/mt and premiums of RMB 0-10/mt are expected over SHFE 1510 aluminum contract.