LME aluminium closed Tuesday’s trading at US$ 1734.5/t; SHFE aluminium rose 0.29%

The US dollar stabilised against a basket of other currencies on Tuesday after three consecutive days of losses. The dollar index, which measures the greenback against a basket of its rivals, inched up 0.05% to end at 97.847. LME base metals closed mixed on Tuesday. LME aluminium nudged up 0.03% and SHFE aluminium inched down 0.04%.

LME aluminium declined by 0.54 per cent from Monday’s close of US$1744 per tonne to end at US$ 1734.5 per tonne on Tuesday, November 19.Three-month LME aluminium fell to the lowest in more than three weeks at US$1728 per tonne on Tuesday, before it recouped those losses to end marginally higher at US$1737 per tonne. LME aluminium is expected to trade between US$1730-1750 per tonne today.

As on November 19, Tuesday, LME aluminium cash (bid) price stood at US$1734 per tonne, LME official settlement price stands at US$ 1734.50 per tonne; 3-months bid price stands at US$ 1733 per tonne, 3-months offer price is US$ 1734 per tonne; Dec 20 bid price stands at US$ 1802 per tonne, and Dec 20 offer price stands at US$ 1807 per tonne.

The LME aluminium opening stock increased to 1158975 tonnes. Live Warrants totalled at 977950 tonnes, and Cancelled Warrants were 181025 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1740.42per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) decreased to US$ 2004 per tonne today November 20, 2019.

The most-liquid SHFE 2001 contract relinquished part of the gains from Monday as it came off from an intraday high of RMB13,770 per tonne, ending up 0.29% at RMB13,730 per tonne, Shanghai Metals Market reported.

The most traded SHFE 2001 contract hovered in a tight range overnight, and ended a tad weaker at RMB13,745 per tonne. The contract is expected to move between RMB13,720-13,750 per tonne today, with spot premiums of RMB80-120 per tonne over the SHFE 1912 contract.