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27 AUGUST 2018 AL CIRCLE

LME aluminium closed higher on Friday; SHFE hits highest since August 9

EDITED BY : HEENA IQBAL 2MINS READ

The US dollar index fell 0.49% to close at 95.15 as US President Donald Trump criticised the Federal Reserve on interest rate hikes. Base metals rose for the most part except for LME tin and SHFE nickel, according to Shanghai Metals Market. LME aluminium was bolstered by rising base metals contracts to a high of US$2,109 per tonne last Friday night and closed at US$2,084 per tonne. LME official settlement price stood at US$ 2062 per tonne on Friday, August 24 from US$ 2021.5 per tonne on Thursday, August 23.

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As on August 24, LME aluminium cash (bid) price stands at US$ 2061.50 per tonne, LME official settlement price stands at US$ 2062 per tonne; 3-months bid price stands at US$ 2085 per tonne, 3-months offer price is US$ 2085.50 per tonne; Dec 19 bid price stands at US$ 2120 per tonne, and Dec 19 offer price stands at US$ 2125 per tonne. 

The LME aluminium opening stock dropped to 1095125 tonnes. Live Warrants totalled at 809775 tonnes, and Cancelled Warrants were 285350 tonne.

LME aluminium 3-months Asian Reference Price is hovering at US$ 2081.02 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2151 per tonne on August 27, from US$ 2121 per tonne on August 24.

With support from the five-day moving average, the SHFE 1810 contract climbed to a high of RMB14,825 per tonne on Friday. It finally closed at RMB14,790 per tonne.

SHFE aluminium climbed to a high of RMB14,865 per tonne as longs entered the market. SMM expects it to trade at RMB14,700-14,900 per tonne today with spot discounts at RMB70-30 per tonne. 

Tagged with:

Aluminium Price LME China Market

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EDITED BY : HEENA IQBAL 2MINS READ

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