Primary Aluminium News - Market

LME aluminium likely to test resistance at US$1,899/t, SHFE aluminium surges on short selling

AL Circle

LME aluminium is finally showing some resilience. The downtrend that has been continuing for seven days at a stretch came to a halt yesterday with the light metal closing at US$1,861.50 per tonne after the night trading on Monday, June 19, marginally up from US$1,861 per tonne on June 16.

Reuters’ technical analysis suggests that LME aluminium may challenge a resistance at US$1,899 per tonne and rise to US$1,908 per tonne on Tuesday, June 20.

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Shanghai Metals Market forecast says that aluminium prices on the global bourse will range at US$1,881-1,891 per tonne in the short term.

News

As on June 19, LME official cash buyer aluminium price stands at US$1,861 per tonne, cash seller & settlement aluminium price is US$1,861.50 per tonne, 3M buyer price is US$1,875 per tonne, 3M seller price is US$1,876 per tonne, Dec1 buyer price is US$1,908 per tonne, and Dec1 seller price is US$1,913 per tonne. The current LME official Opening Stock of aluminium is estimated at 1425725 tonnes, total Live Warrants is 1031600 tonnes, and Cancelled Warrant is 394125 tonnes.

LME aluminium premiums, as on June 16, remain unchanged across major regions. LME Aluminium East-Asia Premium stands at US$110, LME Aluminium South-East Asia Premium remains unchanged at US$15, and LME Aluminium West-Europe Premium is at US$85, and LME Aluminium US Premium is at US$195 (per tonne).

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The benchmark aluminium price at Shanghai Metal Exchange (SME) stands at US$2,004 per tonne on Tuesday, June 20, up 0.95 per cent from the benchmark price of US$1,985 per tonne on June 19.

At Shanghai Futures Exchange (SHFE), the most active aluminium future contract SHFE 1708 aluminium jumped to RMB 13,820 per tonne after opening at RMB 13,585 per tonne, due to short selling. The contract fell slightly later in the day to RMB 13,815 per tonne on Monday, June 19. SMM predicts that SHFE 1708 aluminium will test resistance at RMB 13,900 per tonne and move in the range of RMB 13,770-13,930 per tonne on Tuesday, June 20.

Spot aluminium in east China market is expected to trade at discounts of RMB 110-70 per tonne over SHFE 1707 aluminium contract on Tuesday, June 20.

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

Unit: RMB per tonne

News

The market focus will be on Germany’s annual PPI in May, US Federal Reserve’s officials’ and Secretary of the Treasury’s speeches and address from Bank of England Governor and Chancellor of the Exchequer on Tuesday, SMM said.

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