
The US dollar index stemmed earlier losses and rebounded above 97.2 on Friday. LME base metals, except for tin, traded higher on Friday and aluminium gained 0.31%. SHFE base metals closed higher across the board on Friday night. SHFE aluminium rose 0.44%.
LME aluminium closed Friday’s trading higher at US$ 1900 per tonne.US-China trade optimism and upbeat China manufacturing activity are likely to buoy LME aluminium today. The contract is likely to trade at US$1,910-1,940 per tonne.
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As on March 29, LME aluminium cash (bid) price stood at US$ 1899.50 per tonne, LME official settlement price stands at US$ 1900 per tonne; 3-months bid price stands at US$ 1913 per tonne, 3-months offer price is US$ 1914 per tonne; Dec 20 bid price stands at US$ 2040 per tonne, and Dec 20 offer price stands at US$ 2045 per tonne.
The LME aluminium opening stock dropped to 1129175 tonnes. Live Warrants totalled at 723400 tonnes, and Cancelled Warrants were 405775 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1914.03 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased from US$2034 to US$ 2050 per tonne today.
The most active SHFE contract rebounded from earlier lows to close the trading at RMB13,730 per tonne on Friday. Massive short-covering sent the most active SHFE May contract to open higher at RMB13,740 per tonne on Friday night and closed at RMB13,755 per tonne. Shanghai Metals Market expects the contract to hang on above RMB13,700 per tonne.
Spot prices are expected to drop by over RMB200 per tonne, with discounts of RMB30 per tonne to premiums of RMB10 per tonne.
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