
US dollar index settles over 97 today. LME base metals traded lower. LME aluminium closed at US$ 1809 tonne. Chinese market will remain closed from Wednesday May 1 to Saturday May 4 for Labour Day.
As on April 30, LME aluminium cash (bid) price stood at US$ 1808 per tonne, LME official settlement price stands at US$ 1809 per tonne; 3-months bid price stands at US$ 1817 per tonne, 3-months offer price is US$ 1817.50 per tonne; Dec 20 bid price stands at US$ 1938 per tonne, and Dec 20 offer price stands at US$ 1943 per tonne.
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The LME aluminium opening stock stood at 1074650 tonnes. Live Warrants totalled at 708350 tonnes, and Cancelled Warrants were 366300 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1823 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange stood at US$ 2106 per tonne yesterday.
The most active SHFE June contract traded in a tight range before it edged down to RMB 14,160 per tonne yesterday. It finished the trading day marginally higher at RMB 14,175 per tonne, with open interest shrinking 23,724 lots to 288,332 lots as pre-holiday risk aversion drove investors to cover positions. Guizhou Huaren New Materials’ primary aluminium project of 500,000 tpy capacity reached full operation as of Monday April 29, and this met market expectations. The ratio of SHFE 1906 contract to the three-month LME aluminium has climbed to 7.75, which is set to weigh on SHFE aluminium prices.
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