
The slide in LME aluminium price continues. The lightmetal which closed at US$1,929 per tonne on Monday, April 10, dipped by 1.11 per cent to close at US$1,907.50 per tonne after night trading on Tuesday, April 11. The price fall is in line with Reuters' analysis which said that LME aluminium may slide to US$1,914 per tonne on Tuesday, as it is evident from its wave pattern and Fibonacci projection.
According to Shanghai Metals Market (SMM) forecast, LME aluminium will escalate during Asian trading hours moving in the range of US$1,913-1,950 per tonne on Wednesday, April 12.
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As on April 10, LME official cash buyer price of aluminium stands at US$1907 per tonne, cash seller & settlement price is US$1,907.50 per tonne, 3M buyer price is US$1,918.50 per tonne, 3M seller price is US$1,919 per tonne, Dec1 buyer price is US$1,957 per tonne, and Dec1 seller price is US$1962 per tonne. The current LME official Opening Stock of aluminium is estimated at 1788525 tonnes, total Live Warrants is 1070250 tonnes, and Cancelled Warrant is 718275 tonnes.
No change has been recorded in LME aluminium premiums across major global markets. LME Aluminium US Premium stands at US$215, LME Aluminium West-Europe Premium remains unchanged at US$95, LME Aluminium East-Asia Premium is US$105 and LME Aluminium South-East Asia Premium is US$15 (per tonne) as on April 10.
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The benchmark aluminium price on Shanghai Metal Exchange (SME) has come down below its US$2000 per tonne level. As on April 12, the benchmark price stands at US$1,998 per tonne, marginally up 0.30 per cent from its previous benchmark price of US$1,922 per tonne on April 11.
According to SMM, aluminium contracts traded on Shanghai Futures Exchange are expected to remain under pressure for the foreseeable future. SHFE 1706 aluminium will move at RMB 13,900-14,150 per tonne, SMM says.
Spot aluminium in China's domestic market is projected to trade at discounts of RMB 160-120 per tonne on Wednesday.
Market focus will be on last week's US crude oil inventories, inflation in China, US import and export goods price index in March and OPEC monthly oil market report, SMM summarizes.
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