Author：Site  Source：Network  Click to rate：1211  Post time：2015-11-20

SHANGHAI, Nov. 20 (SMM) –LME aluminum opened at USD 1,471.5/mt on Thursday. The light metal climbed to USD 1,474.5/mt before falling back to USD 1,453/mt, with trading volumes growing rapidly at this low level. Finally, LME aluminum ended down USD 2.5/mt at USD 1,469/mt. Trading volumes were up 1,705 lots to 14,475 lots, and positions were up 3,136 to 801,000.

On Thursday night, SHFE 1601 aluminum opened flat at RMB 9,820/mt. Entry of shorts send the contract down to RMB 9,640/mt, but prices then rallied as shorts exited. The contract ended the night session down RMB 55/mt at RMB 9,765/mt. Total positions of all SHFE aluminum contracts grew 23,610 to 764,632. Bearishness remains strong, and the most active contract should range RMB 9,700-9,800/mt on Friday. In China’s spot market, spot discounts are expected at RMB 120-80/mt over SHFE 1512 aluminum contract.