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31 OCTOBER 2019 AL CIRCLE

LME aluminium capped its three days' gain overnight and closed lower; SHFE traded rangebound

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar fell against other major currencies after the US Federal Reserve lowered interest rates for the third time this year and signalled the central bank will pause from here. The dollar index, which tracks the greenback against a basket of other currencies, fell 0.21% and ended at 97.47. LME base metals mostly fell while the SHFE complex traded higher. LME aluminium went flat and SHFE aluminium rose 0.44%.

LME

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Three-month LME aluminium failed to extend rise from the prior three sessions as longs booked profits and left after prices climbed to a high of US$1,763.5 per tonne. It ended slightly lower on the day at US$1,751 per tonne. LME aluminium is likely to trade at US$1,730-1,770 per tonne today. 

As on October 30, Wednesday, LME aluminium cash (bid) price stood at US$ 1746 per tonne, LME official settlement price stands at US$ 1746.50 per tonne; 3-months bid price stands at US$ 1749 per tonne, 3-months offer price is US$ 1751 per tonne; Dec 20 bid price stands at US$ 1828 per tonne, and Dec 20 offer price stands at US$ 1833 per tonne.

The LME aluminium opening stock dropped to 961375 tonnes. Live Warrants totalled at 788775 tonnes, and Cancelled Warrants were 172600 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1753 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) has increased to US$ 2007 per tonne today, 31 October 2019.

The most traded SHFE 1912 contract hovered in a RMB 30 range at around RMB 13,835 per tonne during the daytime session, holding onto overnight gains to close 0.51% higher at RMB 13,845 per tonne. The December contract then pared gains from the previous session as loaded-up shorts and departing longs weighed it to end 0.22% lower on the day at RMB 13,815 per tonne. Trading range today is seen at RMB 13,750-13,900 per tonne.  

Tagged with:

Aluminium Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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