Author：Site  Source：Network  Click to rate：1536  Post time：2015-10-27

SHANGHAI, Oct. 27 (SMM) –LME aluminum climbed to USD 1,516/mt after opening at USD 1,500/mt on Monday. LME aluminum then fell back to its lowest in nearly six years at USD 1,476/mt, due to falling London gold prices and NYMEX crude oil prices, as well as sharp price declines of SHFE aluminum . Finally, the light metal ended down USD 21/mt or 1.40% at USD 1,479.5/mt. Trading volumes were down 11,299 lots to 13,633 lots, and positions were up 50 to 791,000.  

On Monday night, SHFE 1601 aluminum crept higher to RMB 10,520/mt after opening at RMB 10,480/mt, but then fell back to RMB 10,420/mt as shorts entered. The most active contract ended the night session down RMB 40/mt, a 12-day losing streak. Positions of SHFE aluminum index surged 15,376 to 544,000 overnight, reflecting prevailing bearishness. The most active contract should drop further to RMB 10,350-10,450/mt on Tuesday. In China’s spot market, sellers will become less active in selling, and traders will show higher interest in buying. This will shrink spot discounts to RMB 200-160/mt over SHFE 1511 aluminum contract.