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16 OCTOBER 2018 AL CIRCLE

LME aluminium closed lower yesterday; SHFE tumbles as U.S. extends wind-down period for Rusal

EDITED BY : HEENA IQBAL 2MINS READ

LME base metals ended mixed on Monday. After a gain on Friday to US$ 2045 per tonne, LME aluminium closed lower at US$ 2028 per tonne on Monday October 15. The metal fluctuated to end Monday at US$2,033 per tonne. Shanghai Metals Market analyses that LME aluminium will trade at US$2,020-2,060 per tonne range on Tuesday, October 16.

As on October 15, LME aluminium cash (bid) price stands at US$ 2027.50per tonne, LME official settlement price stands at US$ 2028 per tonne; 3-months bid price stands at US$ 2030 per tonne, 3-months offer price is US$ 2031 per tonne; Dec 19 bid price stands at US$ 2082 per tonne, and Dec 19 offer price stands at US$ 2087 per tonne. 

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The LME aluminium opening stock dropped further to 926100 tonnes. Live Warrants totalled at 613575 tonnes, and Cancelled Warrants were 312525 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 2030.69 per tonne.

SME and SHFE Aluminium Price Trend 

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2049 per tonne today from US$ 2038 per tonne on October 15.

SHFE nonferrous metals closed mostly down as aluminium slid 0.46% on Monday. According to Shanghai Metals Market, as the US extended its deadline for sanctions on Rusal and as prices of alumina fell, the SHFE 1812 contract fell quickly after opening. The contract then hovered around RMB14,190 per tonne and closed at RMB14,180 per tonne, with an intraday low at RMB14,160 per tonne.

The SHFE 1812 contract recovered most losses today morning after it fell to a new four-month low at RMB14,070 per tonne. SMM expects it to trade at RMB14,000-14,250 per tonne today with spot discounts of up to RMB40 per tonne.

Tagged with:

Aluminium LME Price RUSAL China

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EDITED BY : HEENA IQBAL 2MINS READ

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