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03 JUNE 2019 AL CIRCLE

LME aluminium closed higher at Friday night; both LME and SHFE likely to trade rangebound today

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar fell sharply on Friday after US President Donald Trump threatened new tariffs on Mexico. Most LME base metals traded lower on Friday, and aluminium advanced 0.7%. SHFE base metals traded mixed on Friday night and aluminium stayed flat.

Three-month LME aluminium jumped to an intraday high of US$1,811.5 per tonne on Friday before it erased some gains to end 0.73% higher at US$1,794 per tonne at Friday night. The cash contract closed the week almost flat at US$ 1761 per tonne. Three months aluminium is expected to trade between US$1,770-1,820 per tonne today.

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As on May 31, Friday, LME aluminium cash (bid) price stood at US$ 1760.50 per tonne, LME official settlement price stands at US$ 1761 per tonne; 3-months bid price stands at US$ 1787.50 per tonne, 3-months offer price is US$ 1788.50 per tonne; Dec 20 bid price stands at US$ 1903 per tonne, and Dec 20 offer price stands at US$ 1908 per tonne.

The LME aluminium opening stock stood at 1155025 tonnes. Live Warrants totalled at 717625 tonnes, and Cancelled Warrants were 437400 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1784.05 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange (SME) increased today to US$ 2052 per tonne from US$ 2046 per tonne on Friday.  

With pressure from the 20-day moving average, the most-active SHFE July contract hovered within a broad range and ended the day flat at RMB 14,155 per tonne. The loading up of long positions bolstered the most traded SHFE July contract to a high of RMB 14,220 per tonne on Friday night, before the contract gave up those gains to close flat at RMB 14,150 per tonne. Lower alumina prices weighed on aluminium prices, while falling inventories offered support and kept SHFE aluminium rangebound. The contract is expected to trade between RMB 14,100-14,300 per tonne today, with spot premiums at RMB 10-30 per tonne over the June contract.

Tagged with:

Aluminium Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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