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24 OCTOBER 2019 AL CIRCLE

LME aluminium climbed up yesterday after the last plunge; SHFE aluminium faces resistance at RMB 13,800/t

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar fell against the British pound and the euro after European Union leaders delayed a decision on whether to grant Britain a three-month Brexit extension. LME base metals closed higher overnight, with the SHFE complex trading mixed. LME aluminium gained 0.44%, while SHFE aluminium rose 0.25%.

Three-month LME aluminium climbed during the European trading hours, but a buildup of bearish positions prevented it from exceeding US$1,733.5 per tonne, and ended it 0.44% higher on the day at US$1,726.5 per tonne. LME aluminium is likely to trade at US$1,710-1,750 per tonne today.

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LME

As on October 23, Wednesday, LME aluminium cash (bid) price stood at US$ 1711.50 per tonne, LME official settlement price stands at US$ 1712 per tonne; 3-months bid price stands at US$ 1719.50 per tonne, 3-months offer price is US$ 1720 per tonne; Dec 20 bid price stands at US$ 1803 per tonne, and Dec 20 offer price stands at US$ 1808 per tonne.

The LME aluminium opening stock dropped to 970425 tonnes. Live Warrants totalled at 792550 tonnes, and Cancelled Warrants were 177875 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1721 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) has increased to USD 2000 per tonne today, 24 October 2019.

FOIL

As shorts cut their positions, the most traded SHFE 1912 contract recovered from earlier losses to close the trading day marginally higher at RMB 13,790 per tonne yesterday. SHFE aluminium faces strong resistance at RMB 13,800 per tonne, but remains supported by falling inventories and firm spot premiums. The SHFE December contract then rose for the third straight day as it closed up 0.25% at RMB 13,820 per tonne, remaining below the 20-day moving average. Support from RMB 13,800 per tonne is likely to keep the contract between RMB 13,750-13,900 per tonne today.

Tagged with:

Aluminium Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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