LME aluminium dropped 1.63% on Monday night; SHFE also drops to 60-day moving average

The US dollar was lower on Monday. The dollar index, which tracks the greenback against a basket of other currencies, fell 0.16% and ended at 98.21. LME base metals and the SHFE complex, except for zinc, closed lower last night. LME aluminium dropped 1.63% and SHFE aluminium shed 0.21%.

Benchmark aluminium price on London Metal Exchange closed at US$1805 per tonne on Monday, November 11, down 1.23% from previous closing at US$ 1827.5 per tonne.

As on November 11, Monday, LME aluminium cash (bid) price stood at US$ 1804.50 per tonne, LME official settlement price stands at US$ 1805per tonne; 3-months bid price stands at US$ 1804.50 per tonne, 3-months offer price is US$ 1805 per tonne; Dec 20 bid price stands at US$ 1875 per tonne, and Dec 20 offer price stands at US$ 1880 per tonne.

The LME aluminium opening stock dropped to 940500 tonnes. Live Warrants totalled at 778850 tonnes, and Cancelled Warrants were 161650 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1803.62 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) dropped to US$ 2018 per tonne today November 12, 2019.

The most traded SHFE 1912 contract dropped 1% on the day to end at a one-week low of RMB13,895 per tonne, near the 60-day moving average, as dampened US-China trade hopes and a smaller decline in social inventories in China prompted long investors to exit, Shanghai Metals Market reported.