
Benchmark aluminium price on London Metal Exchange closed 2 per cent higher at US$2,189.50 per tonne on Friday, February 16, as spreads tightened and price competition grew among market participants. Aluminium spreads have widened to a US$10 premium for cash over benchmark aluminium as the major contract is nearing expiry. This likely to trigger deliveries, Reuters analysed.
Based on current price trend it can be said that further rise in LME aluminium is likely though within a narrow range.
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As on February 16, LME official cash buyer aluminium price (Bid Price) stands at US$2,189 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,189.50 per tonne, 3M Bid Price is US$2,180 per tonne, 3M Offer Price is US$2,180.59 per tonne, Dec19 Bid Price is US$2,233 per tonne, and Dec19 Offer Price is US$2,238 per tonne. LME aluminium opening stock stands at 1296450 tonnes, total Live Warrants is 1077775 tonnes, and Cancelled Warrants total at 218675 tonnes.
LME aluminium Asian reference price three-month ABR is given as US$2,168 per tonne.
LME aluminium has started the week lower as dollar has strengthened dragging down the prices of overall LME base metal complex.
Shanghai Futures Exchange remains closed for the Lunar New Year Holidays. Trading will resume on Thursday, February 22.
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