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22 FEBRUARY 2019 AL CIRCLE

Both LME and SHFE aluminium closed higher on positive market sentiments; expected to trade higher today

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar index on Thursday recovered from earlier losses spurred by soft US economic data, as investors consolidated positions and looked for fresh trading incentives amid US-China trade talks and Brexit negotiations. LME base metals traded mixed on Thursday and aluminium rose 1.6%. SHFE base metals traded higher overnight with aluminium gaining 1%.  

The three-month LME aluminium saw gains accelerate and trading volumes expand in the afternoon of European trade as the fresh round of US-China trade negotiations in Washington began. LME aluminium ended the trading day at US$1,907.5 per tonne last night and is expected to trade at US$1,870-1,910 per tonne today.

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As on February 21, LME aluminium cash (bid) price stood at US$ 1857.50 per tonne, LME official settlement price stands at US$ 1858.50 per tonne; 3-months bid price stands at US$ 1875 per tonne, 3-months offer price is US$ 1877 per tonne; Dec 19 bid price stands at US$ 2010 per tonne, and Dec 19 offer price stands at US$ 2015 per tonne.  

The LME aluminium opening stock decreased to 1244050 tonnes. Live Warrants totalled at 659400 tonnes, and Cancelled Warrants were 584650 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1877 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2023 per tonne today from US$ 2013 per tonne on February 21.  

The SHFE 1904 contract regained all post-CNY losses today as it climbed with support at the daily moving average, and closed at an intraday high of RMB 13,555 per tonne yesterday. The SHFE 1904 contract rose to end at RMB 13,660 per tonne overnight, spurred by the news of the shutdown of 110,000 tonnes of aluminium capacity in a capacity swap. SHFE aluminium is expected to trade at RMB 13,600-13,700 per tonne today with spot discounts at RMB 80-40 per tonne.  The contract is likely to test support at the five- and 20-day moving averages.

Tagged with:

Aluminium Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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