
The dollar gave up early gains to trade slightly lower against a basket of currencies on last Friday as a still unsigned partial US-China trade deal kept investors on edge. But for the month, the dollar index was up 0.9%, its best monthly performance since July. LME base metals closed mixed while the SHFE complex mostly fell. LME aluminium gained 0.5% and SHFE aluminium advanced 0.29%.

LME aluminium closed the last week of November with a substantial gain as the cash contract closed at US$1785.5 per tonne on Friday. Three-month LME aluminium hovered within a broad range before ending slightly higher on the day at US$1,760 per tonne, as reduced LME aluminium inventories drove investors to cut bearish position.
As on November 29, Friday, LME aluminium cash (bid) price stood at US$ 1785 per tonne, LME official settlement price stands at US$ 1785.50 per tonne; 3-months bid price stands at US$ 1760 per tonne, 3-months offer price is US$ 1760 per tonne; Dec 20 bid price stands at US$ 1820 per tonne, and Dec 20 offer price stands at US$ 1825 per tonne.
The LME aluminium opening stock increased again to 1271650 tonnes. Live Warrants totalled at 1108950 tonnes, and Cancelled Warrants were 162700 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1760 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) increased to US$ 2005 per tonne today December 2, 2019.
The most-active SHFE 2001 contract extended increase from the previous day as the continued decline in social inventories of primary aluminium grew morale among bullish position. The contract hit the highest in nearly two weeks, at RMB 13,890 per tonne, before it ended up 0.87% on the day at RMB 13,885 per tonne. The SHFE 2001 contract lost part of the daytime gains and closed 0.11% higher on the day at RMB 13,870 per tonne. A continued decline in domestic inventories indicated healthy consumption, which supported prices. Trading range is expected at RMB 13,750-13,900 per tonne today.
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