
Benchmark aluminium price on London Metal Exchange was mostly lower during the Asian morning trading hours on Wednesday, February 21, as buyers backed away to wait and watch what China did with prices once it returned to trading on February 22. The light metal contract fell back at US$2,190 per tonne yesterday from US$2,239 per tonne on Tuesday, February 20.
Edging up of the US dollar index on renewed Japanese concerns over the yen’s strength also kept the pressure on LME aluminium.
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As on February 21, LME aluminium cash (bid) price stands at US$2,189.50 per tonne, LME aluminium cash (offer) price stands at US$2,190 per tonne; 3-months bid price stands at US$2,175 per tonne, 3-months offer price is US$2,176 per tonne; Dec 19 bid price stands at US$2,215 per tonne, and Dec 19 offer price is US$2,220 per tonne.
The LME aluminium opening stock today stood at 1314500 tonnes, Live Warrants totalled at 1159325 tonnes, and Cancelled Warrants were 155175tonne.
LME aluminium 3-months ABR price is hovering at US$2,176.50 per tonne.
Shanghai Metal Exchange resumed trading today after the Lunar New Year Holidays. The benchmark SME aluminium price stands US$2,160 per tonne.
Till yesterday, volumes remained thin as market kept waiting for the Chinese exchanges to return to action. The weakness triggered more momentum selling. With China market now back to trading, aluminium prices are expected to climb higher both on Shanghai Futures Exchange as well as London Metal Exchange.
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