Author：Site  Source：Original Site  Click to rate：978  Post time：2014-09-22

Tags: LME aluminum prices,  SHFE aluminum prices

SHANGHAI, Sept. 22 (SMM) – Three-month aluminum on the London Metal Exchange climbed to USD 1,994/mt after opening at USD 1,983/mt last Friday as referendum results showed that Scotland votes no to independence. But prices fell back afterwards to end at USD 1,977/mt as the US dollar hit 4-year high after Fed official Richard Fisher proposed to raise interest rate in spring next year. Trading volumes were down 771 lots to 12,437 lots, with positions up 5,785 lots to 825,042 lots.
 
Last Friday night, SHFE 1412 aluminum contract slipped to RMB 14,155/mt after starting at RMB 14,235/mt, and finished at RMB 14,205/mt. Trading volumes totaled 24,848 lots, with positions down 1,980 lots to 137,624 lots.
 
The most active SHFE aluminum contract should move between RMB 14,160-14,220/mt on Monday, with solid support at the 60-day moving average. In China’s domestic spot market, spot aluminum should trade at discounts of RMB 0-30/mt and premiums of RMB 0-10/mt over SHFE front-month aluminum contract.

from metal.com