According to SMM report, LME aluminium dropped below the 5-day moving average and will trade in a close range of USD 1,565-1,585/mt on Sept 12 as an aftermath of OPEC’s monthly oil report. SMM also indicates that SHFE 1611 aluminium should move between RMB 11,960-12,060/mt. In east China’s spot aluminium market, spot premiums of RMB 20-60/mt are expected over SHFE 1609 aluminium contract.
In the meantime China Aluminium International Trading Co. (Chalco Trading) cut its aluminium prices in three major markets of East China, South China and Southwest China on Sept 12 after previous hike.
Note: Chalco Trading is a full subsidiary under Chalco responsible for alumina and aluminium sales.