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19 APRIL 2018 AL CIRCLE

LME aluminium climbed 5.7% to a fresh high since August 2011

EDITED BY : HEENA IQBAL 2MINS READ

As seen by Shanghai Metals Market, LME aluminium registered a fresh high since August 2011 at one point overnight .The metal closed at US$ 2528.50 per tonne on Wednesday April 18, up from US$2375.5 per tonne on Tuesday, April 17. SMM sees considerable upward room for it given the sweeping influence from US sanctions on Rusal and the potential production cut. SMM forecasts it to strongly trade at US$ 2,540-2,600 per tonne today. 

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As on April 18, LME aluminium cash (bid) price stands at US$ 2527.50 per tonne, LME official settlement price stands at US$ 2528.50per tonne; 3-months bid price stands at US$2522per tonne, 3-months offer price is US$ 2523 per tonne; Dec 19 bid price stands at US$ 2433 per tonne, and Dec 19 offer price stands at US$ 2438 per tonne. 

The LME aluminium opening stock has increased to 1412500 tonnes. Live Warrants totalled at 1006200 tonnes, and Cancelled Warrants were 406300 tonne.

LME aluminium 3-months ABR price is hovering low at US$2439.10 tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased from 2343 per tonne on April 18 to US$ 2409 per tonne on April 19.

According to SMM, Limited by domestic fundamentals, SHFE aluminium performed relatively weakly overnight, compared to its LME counterpart, and traded at RMB 15,145-15,290 per tonne. The SHFE/LME ratio recorded a new low of six. SMM expects the SHFE 1806 contract to trade at RMB 15,100-15,300 per tonne today, with spot discounts at RMB 80-40 per tonne.

The US dollar is expected to stay moderately rangebound, while base metals are likely to trade steadily today.

Tagged with:

Aluminium Price LME SMM

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EDITED BY : HEENA IQBAL 2MINS READ

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