
Poor summer trades bolstered the US dollar yesterday. Base metals ended mostly higher. LME aluminium climbed 0.8% and SHFE aluminium went up 0.3%.
Improved macroeconomic sentiment buoyed most base metals yesterday. All LME aluminium contacts settled over US$ 1800 per tonne mark. Three-month LME aluminium climbed to a high of US$1,843 per tonne and ended 0.82% higher on the day at US$1,843 per tonne. The contract is likely to trade at US$1,790-1,850 per tonne.
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As on July 15, Monday, LME aluminium cash (bid) price stood at US$ 1809.50 per tonne, LME official settlement price stands at US$ 1810 per tonne; 3-months bid price stands at US$ 1829 per tonne, 3-months offer price is US$ 1830 per tonne; Dec 20 bid price stands at US$ 1932 per tonne, and Dec 20 offer price stands at US$ 1937 per tonne.
The LME aluminium opening stock registered a slight increase yesterday to 945375 tonnes. Live Warrants totalled at 644200 tonnes, and Cancelled Warrants were 301175 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1829 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange (SME) increased to US$ 2015 today from US$ 2007 per tonne on Monday.
The SHFE September contract shrugged off the resistance from the five- and 20-day moving averages to a high of RMB13,885 per tonne before it pared some gains to close 0.84% higher at RMB 13,865 per tonne. The SHFE 1907 contract finished its last trading day and settled at RMB13,835 per tonne. Lower inventories below 1 million tonne across LME-approved warehouses helped prices to break resistance from all moving averages overnight. The SHFE September contract closed 0.36% higher at RMB13,895 per tonne. It is likely to trade between RMB13,750-13,900 per tonne today.
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