
After a gain on Thursday to US$ 2602.5 per tonne, LME aluminium closed lower at US$ 2463 per tonne on Friday April 20. As updated by Shanghai Metals Market, given the US sanctions on Rusal and the anticipated production cut, LME aluminium technically remains its upward trend but with weaker momentum. SMM expects it to trade at highs between US$ 2,435-2,525 per tonne today.

As on April 20, LME aluminium cash (bid) price stands at US$ 2461per tonne, LME official settlement price stands at US$ 2463 per tonne; 3-months bid price stands at US$2448 per tonne, 3-months offer price is US$ 2450 per tonne; Dec 19 bid price stands at US$2338per tonne, and Dec 19 offer price stands at US$ 2343 per tonne.
The LME aluminium opening stock has dropped to 1395550 tonnes. Live Warrants totalled at 939750 tonnes, and Cancelled Warrants were 455800 tonne.
LME aluminium 3-months ABR price is hovering low at US$2468.61 tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased from 2369 per tonne on April 20 to US$ 2377per tonne on April 23.
According to SMM, the SHFE 1806 contract touched a low of RMB 14,825 per tonne as more shorts entered the market but support from longs stayed. The SHFE/LME ratio returned to around 6. SMM sees support at the 10-day moving average for the contract and expect it to trade at RMB 14,725-14,925 per tonne today. Spot discounts are seen at RMB 50-10 per tonne.
The US dollar is expected to remain strongly rangebound today while base metals are likely to continue their weak trends today.
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