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11 MARCH 2019 AL CIRCLE

LME aluminium closed the week higher on Friday; expected to trade at US$1,840-1,900/t

EDITED BY : HEENA IQBAL 2MINS READ

The US dollar fell against most major currencies on Friday. Base metals, except for LME aluminium, declined across the board last weekend. SHFE metals kept their declines within 1%.

LME aluminium price closed Friday’s trading at US$ 1848 per tonne. This was up 0.38 per cent from US$ 1841 per tonne on Thursday.

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LME aluminium faced pressure from the 10-day moving average after it rose to a high of US$1,888.5 per tonne last Friday night. It is likely to trade at US$1,840-1,900 per tonne today.

As on March 8, LME aluminium cash (bid) price stood at US$ 1846 per tonne, LME official settlement price stands at US$ 1848 per tonne; 3-months bid price stands at US$ 1870 per tonne, 3-months offer price is US$ 1872 per tonne; Dec 20 bid price stands at US$ 2008 per tonne, and Dec 20 offer price stands at US$ 2013 per tonne.  

The LME aluminium opening stock dropped to 1221375 tonnes. Live Warrants totalled at 657675 tonnes, and Cancelled Warrants were 563700 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1865.57 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2008 per tonne today from US$ 2006 per tonne on March 8. 

The most liquid SHFE May aluminium contract fluctuated on Friday. It inched up 0.19% on the day to end at RMB13,510 per tonne. The spread between the April and May contracts narrowed to RMB110 per tonne.

The SHFE 1905 contract rebounded after shorts weighed it to a low of RMB13,490 per tonne. It settled at RMB13,505 per tonne. The contract is likely to trade at RMB13,350-13,800 per tonne, with spot discount at RMB50-10 per tonne. 

Tagged with:

Aluminium Price LME

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EDITED BY : HEENA IQBAL 2MINS READ

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