After touching US$1,954 per tonne on Thursday May 25 and followed by a drop, LME aluminium hit a new high of USD 1,968/mt during the Dragon Boat Festival in China, but then tumbled to the 40-day moving average. LME aluminium plunged 1.2% low to close at US$ 1943.50 per tonne on Tuesday, May 30. According to an SMM analysis, LME aluminium should fall further to USD 1,918-1,940/mt today.

As on May 30, LME official cash buyer price of aluminium stands at US$1,943 per tonne, cash seller & settlement price is US$1,943.50 per tonne, 3M buyer price is US$1,943 per tonne, 3M seller price is US$1,943.50 per tonne, Dec1 buyer price is US$1,967 per tonne, and Dec1 seller price is US$1,972 per tonne. The current LME official Opening Stock of aluminium is estimated at 1487700 tonnes, total Live Warrants is 993075 tonnes, and Cancelled Warrant is 494625 tonnes.

LME aluminium premiums, as on May 26, remain unchanged across major regions. LME Aluminium East-Asia Premium stands at US$110, LME Aluminium US Premium is US$215, LME Aluminium West-Europe Premium is US$95, and LME Aluminium South-East Asia Premium remains unchanged at US$15 (per tonne).

The benchmark aluminium price at Shanghai Metal Exchange (SME) stands at US$ 2,011per tonne on Friday, May 31, down 0.29 per cent over the Dragon Boat Festival from the benchmark aluminium price of US$ 2,033 per tonne on Friday, May 26.

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As reported by Shanghai Metals Market, the SHFE market will resume trading today after the Dragon Boat Festival, and LME base metals mostly showed weak performance during the holiday period in China. SHFE 1707 aluminium should follow LME aluminium down and then rebound, ranging RMB 13,950-14,100/t today.

In east China’s spot aluminium market, SHFE 1706 aluminium contract is expected to be traded at discounts of RMB 100-60/t.

The key macro-economic indicators that would affect the base metal market today are China’s official manufacturing PMI in May, annualized May CPI for Europe, Germany and France and US April pending home sales.