
LME aluminium is heading towards a consolidation in the range of US$2,174-US$2,218 per tonne, suggests price analysis by Reuters. The light metal which traded within a neutral range last week closed at US$2,165 per tonne on Friday, November 3, up from its previous close at US$2,152 per tonne on November 2.
There is a support at US$2,218 per tonne. A break above the mark could take the metal to the next target at US$2,260 per tonne; while a break below US$2,174 per tonne may indicate a drop, price trend analysis suggests.
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As on November 3, LME official cash buyer aluminium price (Bid Price) stands at US$2,163 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,165 per tonne, 3M Bid Price is US$2,183 per tonne, 3M Offer Price is US$2,183.50 per tonne, Dec1 Bid Price is US$2,228 per tonne, and Dec1 Offer Price is US$2,233 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1181300 tonnes, total Live Warrants is 943750 tonnes, and Cancelled Warrant is 237550 tonnes.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2,415 per tonne on November 3, to US$2,392 per tonne on November 6.
In Shanghai Futures Exchange, aluminium contracts kept fluctuating within a narrow range. The latest SHFE aluminium price movement is as follows:

It is expected that SHFE aluminium will continue to keep volatile in the near term.
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