LME aluminium partially recovered its recent losses and edged higher at US$1,903.50 per tonne on Wednesday, June 7. The 0.55 per cent rise in aluminium prices on the global bourse from the previous day’s close of US$1,893 per tonne is seen as a transitory turnaround by the analysts which they say is unlikely to extend over the short term.

Shanghai Metals Market (SMM) suggests that LME aluminium will continue to hover at lows of US$1,895-1,915 per tonne on Thursday, June 8.

As on June 7, LME official cash buyer price of aluminium stands at US$1,903 per tonne, cash seller & settlement price is US$1,903.50 per tonne, 3M buyer price is US$1,903 per tonne, 3M seller price is US$1,904 per tonne, Dec1 buyer price is US$1,932 per tonne, and Dec1 seller price is US$1,937 per tonne. The current LME official Opening Stock of aluminium is estimated at 1465650 tonnes, total Live Warrants is 1034650 tonnes, and Cancelled Warrant is 431000 tonnes.

LME aluminium premiums, as on June 6, remain unchanged across major regions. LME Aluminium East-Asia Premium stands at US$110, LME Aluminium US Premium is US$200, LME Aluminium West-Europe Premium is US$85, and LME Aluminium South-East Asia Premium remains unchanged at US$15 (per tonne).

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The benchmark aluminium price at Shanghai Metal Exchange (SME) stands at US$2,004 per tonne on Thursday, June 8, marginally up from US$2,002 per tonne on June 7, Wednesday.

Aluminium future contract SHFE 1708 aluminium traded on Shanghai Futures Exchange (SHFE) dropped after opening at RMB 13,780 per tonne on Wednesday. The contract later rallied slightly before closing at RMB 13,750 per tonne. SMM forecasts that SHFE 1708 aluminium will continue trading at lows in the short term. The contract will fluctuate between RMB 13,700-13,850 per tonne on Thursday, June 8.

Spot aluminium in east china market is predicted to be traded at discounts of RMB 60-20 per tonne over SHFE 1706 aluminium.

China Aluminium International Trading Co. Or Chalco Trading pared down aluminium prices it offered in major markets on Thursday.

The new prices are as follows (Unit: yuan per tonne):

The market focus will be on the number of US initial jobless claims last week, import and export data in May and seasonally adjusted GDP in Q1 which are due for release today, SMM said.