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22 SEPTEMBER 2017 AL CIRCLE

LME aluminium dips marginally but may fluctuate at highs

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium dropped slightly as the market supply still remains robust. The light metal contract came down from its earlier close of US$2,164 per tonne on Wednesday, September 20, to close at US$2,154 per tonne on Thursday, September 21. According to Shanghai Metals Market forecast, LME aluminium will fluctuate at highs in the short term and move between US$2,140-2,175 per tonne on Friday, September 22.

Reuters’ technical analysis suggests that LME aluminium may test a support at US$2,125 per tonne, breaking below which may lead it to the next support level at US$2,103 per tonne.

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As on September 21, LME official cash buyer aluminium price (Bid Price) stands at US$2,153 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,154 per tonne, 3M Bid Price is US$2,174 per tonne, 3M Offer Price is US$2,174.50 per tonne, Dec3 Bid Price is US$2,287 per tonne, and Dec3 Offer Price is US$2,292 per tonne. LME aluminium Opening Stock stands at 1300200 tonnes, total Live Warrants is 1050900 tonnes, and Cancelled Warrant is 249300 tonnes.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price at Shanghai Metal Exchange (SME) has dropped marginally from US$2,514 per tonne on Thursday, September 21, to US$2,461 per tonne on Friday, September 22.

During Thursday’s night trading, all base metals at Shanghai Futures Exchange fell across the board. SMM predicts that price decline in SHFE aluminium is possible after initial stabilizing. The most active contract SHFE 1711 aluminium is expected to trade in the range of RMB 16,450-17,750 per tonne on Friday, September 22.

In east China spot aluminium market, spot discounts over SHFE 1710 aluminium are expected to range at RMB 250-210 per tonne on Friday, SMM said.  

Tagged with:

LME Price Inventory SMM

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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