The uptrend in LME aluminium seems to be losing its momentum. The light metal contract which closed at US$2,137 per tonne last Friday, September 22, came down to close at US$2,128 per tonne on Monday, September 25. Technical analysis suggests that LME aluminium may test a support at US$2,125 per tonne, and will move in a narrow range of US$2,145-2,175 per tonne in the short term. A break below the support may lead to a loss at around US$2,108 per tonne.
As on September 25, LME official cash buyer aluminium price (Bid Price) stands at US$2,127.50 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,128 per tonne, 3M Bid Price is US$2,147 per tonne, 3M Offer Price is US$2,148 per tonne, Dec3 Bid Price is US$2,255 per tonne, and Dec3 Offer Price is US$2,260 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1290775 tonnes, total Live Warrants is 1006725 tonnes, and Cancelled Warrant is 284050 tonnes.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price at Shanghai Metal Exchange (SME) has edged higher from US$2,449 per tonne on Monday, September 25 to US$2,454 per tonne on Tuesday, September 26.
During Monday’s night trading, all base metals at Shanghai Futures Exchange finished higher. SMM predicts that the most active contract SHFE 1711 aluminium will trade in the range of RMB 16,400-16,670 per tonne on Tuesday, September 26.
In China domestic market, spot aluminium prices gained slightly with sharp fluctuations of futures aluminium. Aluminium stocks declined in seven major markets after sustained growth. Market participants are suggested to purchase on demand ahead of the National Day.
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