Aluminum trades stay weak amid rising price

Date 11/8/2018 4:34:09 PM Source: SHMET

SHANGHAI, Nov 8 (SHMET) – Trading of aluminum remained thin on November 8, as traders were unwilling to purchase amid sufficient market supply.

SHFE aluminum rose slightly today and still fluctuated in a narrow range bound. Spot aluminum price also increased, due to rising alumina price and output reduction expectation.

LME aluminum was traded around $1990/mt in today’s Asian trading session.

In the Shanghai spot market, aluminum was quoted at 13,880 yuan/mt to 13,920 yuan/mt today, up 80 yuan/mt. Spot aluminum traded at a discount of 50 yuan/mt to 10 yuan/mt against SHFE 1811 aluminum contract, unchanged from yesterday.

In addition, FED will announce its decision on interest rate early tomorrow morning, which needs to be focused on.

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