
On the first trading day after Easter Monday Holiday on April 23, LME aluminium contract closed higher at US$ 1855 per tonne, from US$1839 per tonne on Friday, April 19.
Recent strong performance in SHFE aluminium helped LME aluminium buck the downtrend across nonferrous metals on Tuesday. Three-month LME aluminium closed 0.43% higher at US$1876per tonne, after it climbed to a two-week high of US$1886 per tonne. SMM expects the contract to trade between US$1850-1880 per tonne.
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As on April 23, LME aluminium cash (bid) price stood at US$ 1854.50 per tonne, LME official settlement price stands at US$ 1855 per tonne; 3-months bid price stands at US$ 1870.50 per tonne, 3-months offer price is US$ 1871 per tonne; Dec 20 bid price stands at US$ 1998 per tonne, and Dec 20 offer price stands at US$ 2003 per tonne.
The LME aluminium opening stock stood at 1047100 tonnes. Live Warrants totalled at 648675 tonnes, and Cancelled Warrants were 398425 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1876.21per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 2104 per tonne today from US$ 2113 per tonne on April 23.
SHFE base metals fell across the board overnight. SHFE aluminium decreased 0.4%.
The most traded SHFE June contract touched a low of RMB14120 per tonne overnight as some longs covered position. It ended lower at RMB14140 per tonne. SMM expects the contract to trade between RMB14100-14200 per tonne. Spot prices are seen at a discount of RMB30 per tonne to a premium of RMB10 per tonne.
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