
The US dollar rose slightly on Wednesday, reversing losses from the previous day, thanks to an increase in a measure of inflation excluding energy prices. LME base metals, except for lead, traded higher on Wednesday. LME aluminium expanded 0.5% and SHFE aluminium gained some 0.2% overnight.
Benchmark aluminium price on London Metal Exchange stood at US$ 1840 per tonne on Wednesday, February 13, from US$ 1840.5 per tonne on Tuesday. LME aluminium is expected to trade at US$1840-1880 per tonne today.
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As on February 13, LME aluminium cash (bid) price stood at US$ 1839 per tonne, LME official settlement price stands at US$ 1840 per tonne; 3-months bid price stands at US$ 1863 per tonne, 3-months offer price is US$ 1865 per tonne; Dec 19 bid price stands at US$ 2005 per tonne, and Dec 19 offer price stands at US$ 2010 per tonne.
The LME aluminium opening stock decreased to 1280875 tonnes. Live Warrants totalled at 677325 tonnes, and Cancelled Warrants were 603550 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1866.33 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange rose to US$ 1974 per tonne today, from US$ 1971 per tonne yesterday.
According to Shanghai Metals Market expects, exiting shorts lifted the SHFE 1903 contract to an intraday high of RMB13,395 per tonne after opening, but pressure at the RMB13,400 per tonne level and weak fundamentals lowered prices in the afternoon. The contract ceased falling at RMB13,345 per tonne and closed in the Bollinger lower band, at RMB13,350 per tonne.
The SHFE 1903 contract closed higher at RMB13,350 per tonne overnight. The contract to trade at RMB13,330-13,450 per tonne today, with spot discounts at RMB50-10 per tonne.
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