LME aluminium closed yesterday's trading slightly higher; SHFE opened higher after the Labour Day holiday
The US dollar increased on Tuesday. LME base metals rose across the board on Tuesday. LME aluminium increased 0.37%. SHFE aluminium opened higher on Wednesday as trading resumed from the five-day Labour Day holiday. SHFE aluminium rose more than 1%.
Three-month LME aluminium stood higher on Tuesday with support from an extended rally in oil futures and improved demand outlook.
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As of Tuesday, May 5, LME aluminium cash (bid) price stands at US$ 1438.50 per tonne, LME official settlement price stands at US$ 1438.50 per tonne; 3-months bid price stands at US$ 1479.50 per tonne, 3-months offer price is US$ 1479.50 per tonne; Dec 21 bid price stands at US$ 1604.50 per tonne, and Dec 21 offer price stands at US$ 1604.50 per tonne.
The LME aluminium opening stock stood at 1355025 tonnes. Live Warrants totalled 1180650 tonnes, and Cancelled Warrants were 174375 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1482.16 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE increased to stand at US$ 1809 per tonne on Wednesday, 06 May 2020.
The most-traded SHFE June contract continued to trend upward on Wednesday morning. Shanghai Metals Market expects the contract to trade at RMB12,500-12,800 per tonne today.
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