LME aluminium slips further down the price curve. The light metal which stood at around US$2,116-2,117 per tonne for the last two consecutive days, September 26 and 27, fell to US$2,102.50 per tonne on Thursday, September 28. Technical analysis suggests that LME aluminium may rise slightly into US$2,130-2,150 per tonne range on Friday, September 29; but any rise will be limited within a narrow range.
Source: www.lme.com
As on September 28, LME official cash buyer aluminium price (Bid Price) stands at US$2,102 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,102.50 per tonne, 3M Bid Price is US$2,127.50 per tonne, 3M Offer Price is US$2,128 per tonne, Dec3 Bid Price is US$2,240 per tonne, and Dec3 Offer Price is US$2,245 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1273575 tonnes, total Live Warrants is 1005275 tonnes, and Cancelled Warrant is 268300 tonnes.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price at Shanghai Metal Exchange (SME) has fallen from US$2,424 per tonne on Thursday, September 28 to US$ 2418.75 per tonne on Friday, September 29. The weekly SHFE aluminium inventory stands at 542752 tonnes, up 7122 tonnes from the previous close.
On Thursday’s night trading, all base metals at Shanghai Futures Exchange finished higher. The most active aluminium contract at the bourse SHFE 1711 aluminium opened at RMB 16340 per tonne and then dropped slightly to end at RMB 16,310 per tonne.
SMM observes that the cautious market sentiment is growing ahead of the upcoming 2017 Chinese National Day holiday. SHFE 1711 aluminium is likely to trade within the range of RMB 16,380-16,550 per tonne on Friday, September 29.
In east China spot aluminium market, spot discounts are expected to hold stable at RMB 190-150 per tonne over SHFE 1710 aluminium, SMM said.
Responses
