Author：Site  Source：Network  Click to rate：1472  Post time：2015-11-18

SHANGHAI, Nov. 18 (SMM) –LME aluminum refreshed a six-year low of USD 1,457/mt after opening at USD 1,474/mt on Tuesday. The decline is due to a firm US dollar, weakness in other base metals and SHFE aluminum . LME aluminum then bounced back to USD 1,486/mt due to profit-taking by shorts, and finally ended up USD 1.5/mt at USD 1,472.5/mt. Trading volumes were down 1,017 lots to 13,536 lots, and positions were down 8,283 to 824,000.

On Tuesday night, SHFE 1601 aluminum rose to RMB 10,155/mt after opening at RMB 10,095/mt due to entry of longs, but then pulled back to RMB 10,070/mt as shorts entered. SHFE aluminum is susceptible to short selling as bearishness dominates. The most active contract should range RMB 10,050-10,150/mt on Wednesday. In China’s spot market, supply is ample, and traders and processors will buy only as needed. Spot discounts are expected at RMB 140-100/mt over SHFE 1512 aluminum contract.