
The US dollar dropped and recorded the biggest weekly loss in more than three months, affected by poor US economic data. Base metals ended mixed as LME aluminium closed 0.32% lower. SHFE aluminium fell 0.37%.
LME aluminium fluctuated with the SHFE 1905 contract and dropped to US$1,900 per tonne during the Asian trading session. A lower US dollar lifted LME aluminium to US$1,904 per tonne, and settled it at US$1,896 per tonne. With the K-line indicator testing support at the 20-day moving average below, LME aluminium is expected to trade at US$1,860-1,930 per tonne today.
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As on March 15, LME aluminium cash (bid) price stood at US$ 1867 per tonne, LME official settlement price stands at US$ 1868 per tonne; 3-months bid price stands at US$ 1890 per tonne, 3-months offer price is US$ 1892 per tonne; Dec 20 bid price stands at US$ 2020 per tonne, and Dec 19 offer price stands at US$ 2025 per tonne.
The LME aluminium opening stock decreased to 1182850 tonnes. Live Warrants totalled at 651475 tonnes, and Cancelled Warrants were 531375 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1908 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange stays flat from March 15 at US$ 2024 per tonne today.
The SHFE 1905 contract jumped to an intraday high of RMB 13,725 per tonne after China detailed the tax cut in April. It moderated but remained above all moving average and closed at RMB 13,665 per tonne on Friday. The SHFE 1903 contract was delivered with a settlement price of RMB 13,665 per tonne. The SHFE 1905 contract is likely to trade at RMB 13,500-13,800 per tonne today with spot premiums at RMB 200-240 per tonne.
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