The US dollar rallied to a three-week high on Friday. The dollar index, which tracks the greenback against a basket of other currencies, gained 0.23% and ended at 98.37. LME base metals and the SHFE complex mostly declined. LME aluminium lost 0.17% and SHFE aluminium dropped 0.25%.
LME aluminium closed last week at US$ 1827.5 per tonne, the highest in the week. Trade uncertainties drove aluminium prices to pull back, with three-month LME aluminium ending down at US$1,807.5 per tonne. LME aluminium is likely to trade at US$1,790-1,805 per tonne today.
{alcircleadd}As on November 8, Friday, LME aluminium cash (bid) price stood at US$ 1827 per tonne, LME official settlement price stands at US$ 1827.50 per tonne; 3-months bid price stands at US$ 1818 per tonne, 3-months offer price is US$ 1820 per tonne; Dec 20 bid price stands at US$ 1887 per tonne, and Dec 20 offer price stands at US$ 1892 per tonne.
The LME aluminium opening stock dropped to 943175 tonnes. Live Warrants totalled at 778850 tonnes, and Cancelled Warrants were 164325 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1806.81 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) dropped to US$ 2019 per tonne today November 11, 2019.
The SHFE 1912 contract climbed during the daytime session to end 0.65% higher at RMB14,030 per tonne, as trade talk hopes and a short squeeze prompted bearish investors to cover positions or move to later-dated contracts. The most-active SHFE contract closed at RMB13,985 per tonne. Trading range of the contract is seen at RMB13,900-14,000 per tonne today.
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