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18 FEBRUARY 2019 AL CIRCLE

Both LME and SHFE aluminium prices registered gain on the weekend; expected to trade higher today

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar weakened on Friday after the indication that the central bank may hold off on raising interest rates in 2019. LME base metals traded higher across the board on Friday and aluminium gained 0.3%. SHFE base metals performed similarly on Friday night and aluminium advanced 0.8%.

LME aluminium closed Friday’s trading at US$1828.50 per tonne and then the contract gained 0.3% overnight and closed at US$1,855.5 per tonne. It is expected to trade at US$1,850-1,870 per tonne today.

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As on February 15, LME aluminium cash (bid) price stood at US$ 1828 per tonne, LME official settlement price stands at US$ 1828.50 per tonne; 3-months bid price stands at US$ 1862 per tonne, 3-months offer price is US$ 1863 per tonne; Dec 19 bid price stands at US$ 2008 per tonne, and Dec 19 offer price stands at US$ 2013 per tonne.  

The LME aluminium opening stock decreased to 1266600 tonnes. Live Warrants totalled at 670450 tonnes, and Cancelled Warrants were 596150 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1854 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 1992 per tonne today from US$ 1964 per tonne on February 15.

As both longs and shorts exited the market, the SHFE 1903 contract rose along the five-day moving average, and hit a high of RMB 13,400 per tonne on Friday near closing. It settled at RMB 13,385 per tonne. The SHFE 1902 contract was delivered on Friday, with a closing price at RMB 13,360 per tonne.  The SHFE 1903 contract opened slightly higher on Friday night and shrugged off resistance at the 60-day moving average in later trade. It closed at RMB 13,470 per tonne. The SHFE 1903 contract is likely to trade at RMB 13,300-13,600 per tonne today. Spot discounts are seen at RMB 120-80 per tonne against the 1903 contract.

Tagged with:

LME Price

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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