
The US dollar held steady, while the Canadian dollar dipped to a two-month low. Base metals declined for the most part last night. LME aluminium dipped 0.4% and SHFE aluminium fell 0.4%.
LME aluminium closed lower from previous day at US$ 1846 per tonne during the day’s closing yesterday.
{alcircleadd}As longs exited and the US dollar remained robust, LME aluminium dropped to a low of US$1,860 per tonne. It settled at US$1,862.5 per tonne, with open interests down 3,711 lots to 660,000 lots. LME aluminium is likely to trade at US$1,840-1,890 per tonne today.

As on March 6, LME aluminium cash (bid) price stood at US$ 1845.5 per tonne, LME official settlement price stands at US$ 1846 per tonne; 3-months bid price stands at US$ 1868 per tonne, 3-months offer price is US$ 1868.5 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 increased to 1234900 tonnes. Live Warrants totalled at 656550 tonnes, and Cancelled Warrants were 578350 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1870.07per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 2008 per tonne today from US$ 2023 per tonne on March 6.
The most liquid SHFE May contract fell during the day and ended 0.55% lower at RMB13,505 per tonne. In anticipation of consumption recovery, the contract is expected to try to recover some losses. The SHFE 1905 contract fell below all moving averages to a low of RMB13,465 per tonne as most base metals weakened. It is likely to trade at RMB13,350-13,650 per tonne, with spot discounts at RMB70-30 per tonne.
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