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15 JULY 2019 AL CIRCLE

Both LME and SHFE aluminium gained during Friday night on a weak dollar; likely to trade rangebound today.

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar fell for the third consecutive day last Friday and the dollar index fell 0.26% and ended at 96.826. Base metals closed mostly higher. LME aluminium increased 0.4% and SHFE aluminium grew 0.3%.

Both LME aluminium cash and three months contract registered a decline during Friday’s trading. As the US dollar continued to weaken, three-month LME aluminium rebounded from below all moving averages to a high of US$1,829 per tonne during Friday night, before it ended 0.38% higher at US$1,828 per tonne. Three months LME aluminium is likely to trade at US$1,800-1,850 per tonne. 

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LME

As on July 12, Friday, LME aluminium cash (bid) price stood at US$ 1799 per tonne, LME official settlement price stands at US$ 1799.50per tonne; 3-months bid price stands at US$ 1819 per tonne, 3-months offer price is US$ 1819.50 per tonne; Dec 20 bid price stands at US$ 1923 per tonne, and Dec 20 offer price stands at US$ 1928 per tonne.

The LME aluminium opening stock dropped substantially below the one million mark plunging down to 926875 tonnes. Live Warrants totalled at 618075 tonnes, and Cancelled Warrants were 308800 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1820 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange (SME) increased to US$ 2007 today from US$ 2002 per tonne on Friday.  

Red mud

The most liquid SHFE August contract continued its overnight rangebound pattern during Friday and ended 0.65% lower at RMB 13,770 per tonne. The SHFE August contract closed 0.29% higher at RMB 13,790 per tonne overnight on Friday, after rising to a high of RMB13,805 per tonne. Trading range today is expected at RMB 13,700-13,850 per tonne. It is expected to remain weak and rangebound in the short term.

Tagged with:

LME Price Aluminium

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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