
The US dollar index stemmed its increase on Tuesday after the euro and pound gained on hopes in discussions over the Italian budget and Brexit.
LME aluminium continues trading weak and closed November 14 Tuesday’s trading at US$1925 per tonne. It followed the weak trading pattern overnight, pressured by high US dollar index. It stopped falling at US$1,928 per tonne and closed at US$1,936 per tonne. Trading range is seen at US$1,930-1,970 per tonne today.
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As on November 13, Tuesday, LME aluminium cash (bid) price stood at US$ 1924.50 per tonne, LME official settlement price stands at US$ 1925 per tonne; 3-months bid price stands at US$ 1937.50 per tonne, 3-months offer price is US$ 1938 per tonne; Dec 19 bid price stands at US$ 2000 per tonne, and Dec 19 offer price stands at US$ 2005 per tonne.
The LME aluminium opening stock rose to 1056150 tonnes. Live Warrants totalled at 747500 tonnes, and Cancelled Warrants were 308650 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1948 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 1976 per tonne today from US$ 1973 per tonne on November 13.
As shorts took profits after the SHFE 1901 contract continued its overnight weak performance to the day's low of RMB 13,690 per tonne yesterday. The contract rebounded but failed to regain all earlier losses. The contract mostly hovered below the daily moving average at night, and rebounded a little with the highest level overnight at RMB 13,840 per tonne. Limited upward momentum saw it grow 0.07% on the day and settle at RMB 13,780 per tonne. It is likely to trade at RMB 13,700-13,850 per tonne today with spot offers at a discount of RMB 30 per tonne to a premium of RMB 10 per tonne. The contract is expected to remain weak and trade range bound.
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