Author：Site  Source：Network  Click to rate：1357  Post time：2015-10-23

SHANGHAI, Oct. 23 (SMM) –LME aluminum opened at USD 1,515/mt on Thursday, and continued falling during Asian trading hours due to falling aluminum prices in Chinese market. The light metal rallied to USD 1,527/mt later, due to signal of looser monetary policy in the euro zone and rising European and US stock market. But LME aluminum them fell back due to entry of shorts, and ended down USD 29.5/mt or 1.95% at USD 1,485.5/mt. Trading volumes were up 2,677 lots to 18,512 lots, and positions were up 7,537 to 786,000.  

On Thursday night, SHFE 1601 aluminum climbed to RMB 10,830/mt after opening higher at RMB 10,760/mt, but then fell back to RMB 10,605/mt. The most active contract will fall further to RMB 10,500-10,650/mt on Friday. In China’s spot market, falling SHFE aluminum will trigger panic selloffs and dampen buying interest. So, spot discounts will widen further to RMB 160-200/mt over SHFE 1511 aluminum contract.