Primary Aluminium News - Market

Rising crude oil prices boost LME aluminium, SHFE aluminium edges higher

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LME aluminium is continuing its uptrend. The light metal after having risen for two days at a stretch rose for the third day gathering strength from the rising crude oil prices, which got a boost from the news on OPEC agreeing to extend oil cut agreement by 9 more moths. LME aluminium closed at US$1,954 per tonne on Thursday, May 25, up 0.51 per cent from its previous close of US$1,944 per tonne on Wednesday, May 24.

Reuters’ technical analysis suggests that LME aluminium faces a resistance at US$1,962 per tonne. A break above this level could lead to a substantial gain to US$1,969 per tonne.  

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According to Shanghai Metals Market (SMM) forecast, LME aluminium will further rise to US$1,950-1973 per tonne on Friday, May 26.

News

As on May 25, LME official cash buyer aluminium price stands at US$1,953 per tonne, cash seller & settlement aluminium price is US$1,954 per tonne, 3M buyer price is US$1,955 per tonne, 3M seller price is US$1,956 per tonne, Dec1 buyer price is US$1,978 per tonne, and Dec1 seller price is US$1,983 per tonne. The current LME official Opening Stock of aluminium is estimated at 1470550 tonnes, total Live Warrants is 962175 tonnes, and Cancelled Warrant is 508375 tonnes.

LME aluminium premiums, as on May 24, remain unchanged across major regions. LME Aluminium East-Asia Premium stands at US$110, LME Aluminium US Premium is US$215, LME Aluminium West-Europe Premium is US$95, 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$2,033 per tonne on Friday, May 26, up 1.14 per cent from the benchmark aluminium price of US$2,010 per tonne on Thursday, May 25.

At Shanghai Futures Exchange (SHFE), the most active aluminium future contract SHFE 1707 aluminium opened at RMB 13,980 per tonne on Thursday, May 25. Then the contract started falling due to short selling and dipped to RMB 13,925 per tonne. Later during the day’s trading hours, SHFE aluminium price recovered some losses and closed at RMB 14,090 per tonne. SMM predicts that SHFE 1707 aluminium will continue to struggle at around the 40-day moving average in the short term, and on Friday, May 26, will move in the range of RMB 14,000-14,170 per tonne. 

Spot aluminium in east China market is expected to trade at discounts of RMB 110-70 per tonne over SHFE 1706 aluminium contract on Friday, May 26, SMM said.

China Aluminum International Trading Co. (Chalco Trading) has hiked aluminium prices it offered in major China markets today. The prices are as follows:

Unit: yuan/tonne

News

The market focus will be on U.S. durable goods orders data, Q1 PCE and core PCE data, revised Q1 GDP, as well as University of Michigan’s consumer confidence index for May due for release today. 

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