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20 APRIL 2018 AL CIRCLE

LME aluminium continues uptrend; SHFE likely to go up to RMB 14,900-15,100 /t

EDITED BY : HEENA IQBAL 2MINS READ

Benchmark aluminium price on London Metal Exchange increased further to close at US$2602.5 per tonne on Thursday, April 19, up from the previous day’s close at US$ 2528.50 per tonne on Wednesday April 18.According to Shanghai Metals Market, LME aluminium dipped to a low of US$22,397 per tonne and tested support at the five-day moving average overnight amid an overall selloff sentiment. SMM expects the contract to trade at US$2,410-2,500 per tonne today.

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As on April 19, LME aluminium cash (bid) price stands at US$ 2597.50per tonne, LME official settlement price stands at US$ 2602.50 per tonne; 3-months bid price stands at US$2586 per tonne, 3-months offer price is US$ 2587 per tonne; Dec 19 bid price stands at US$ 2445 per tonne, and Dec 19 offer price stands at US$ 2450 per tonne. 

The LME aluminium opening stock has dropped to 1404350 tonnes. Live Warrants totalled at 973325 tonnes, and Cancelled Warrants were 431025 tonne.

LME aluminium 3-months ABR price is hovering low at US$2621.16tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange decreased from US$ 2409 per tonne on April 19 to 2369 per tonne on April 20.

According to SMM, stronger SHFE aluminium suppressed its LME counterpart overnight due to uncertainties of China’s export tariff over refined aluminium. SHFE aluminium is expected to trade at RMB 14,900-15,100 per tonne today. Spot discounts are seen narrower at RMMB 50-10 per tonne.

Investors will continue to look for cues from the US sanctions against Russia and China's customs policy.

Tagged with:

Aluminium Price LME SMM China

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EDITED BY : HEENA IQBAL 2MINS READ

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