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01 MARCH 2017 AL CIRCLE

LME aluminium dips on Tuesday after hitting a month’s high; SHFE aluminium to stay firm

EDITED BY : BEETHIKA BISWAS 2MINS READ

The LME aluminium contract dipped by 0.68 per cent from its previous day's closing of US$1,908 per tonne to close at US$1,895 per tonne on Tuesday, February 28.  LME aluminium has hit the highest level from mid May 2015 reaching the month’s highest on February 27 and market players are expecting a technical correction after a fast rise. As seen by SMM the LME aluminium contract will move at USD 1,910-1,930/mt on Wednesday.

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As on February 28, LME official cash buyer price of aluminium stands at US$1894.50 per tonne, cash seller & settlement price is US$ 1895.00 per tonne, 3M buyer price is US$ 1895.00 per tonne, 3M seller price is US$ 1895.50 per tonne, Dec1 buyer price is US$ 1935.00 per tonne, and Dec1 seller price is US$ 1940.00 per tonne. The current LME official Opening Stock of aluminium is estimated at 2200900 tonnes, total Live Warrants is 1325775 tonnes, and Cancelled Warrant is 875125 tonnes.

As on February 27, LME Aluminium US Premium stands at US$ 215, LME Aluminium West-Europe Premium is US$ 95, LME Aluminium East-Asia Premium is US$95 and LME Aluminium South-East Asia Premium is US$15. (per tonne)

In China, the benchmark price of aluminium on Shanghai Metal Exchange (SME) has inched higher in tandem with positive LME prices. The price is up by 1.21per cent from its previous day's price of US$1,971 per tonne on Tuesday to stand at US$ 1995 per tonne on Wednesday, March 1. According to SMM prediction, in the China market, aluminium traded on Shanghai Futures Exchange is predicted to hover at a high range of RMB 14,000-14,230/mt on Wednesday.

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With China’s NPC&CPPCC coming closer and driven by firm LME aluminium prices, SHFE 1704 aluminium advanced above RMB 14,000/mt on Tuesday’s night trading.  Spot aluminium in China’s domestic market is estimated to trade at discounts of RMB 220-180/mt on Wednesday.

As updated by SMM, February manufacturing PMIs from China, US and UK, crude oil inventories in the US, US January PCE, household spending will be released today and eyes should be also on comments by US Federal Reserve’s officials. Base metals including aluminium are expected to face upward pressure today based on the key macro-economic indicators. 

Tagged with:

Aluminium Price LME SMM

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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