
LME aluminium remained essentially flat during Thursday’s day trading weighed upon by the supply concerns arising from China’s looming production cuts. After night trading, the light metal contract came down to close at US$2,152 per tonne, from the earlier close of US$2,188 per tonne on Wednesday, November 1. It is expected to pick up momentum not before next week. In the immediate term, LME aluminium is likely to trade in a neutral range.

As on November 2, LME official cash buyer aluminium price (Bid Price) stands at US$2,151.50 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,152 per tonne, 3M Bid Price is US$2,166 per tonne, 3M Offer Price is US$2,157 per tonne, Dec1 Bid Price is US$2,213 per tonne, and Dec1 Offer Price is US$2,218 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1184200 tonnes, total Live Warrants is 943950 tonnes, and Cancelled Warrant is 240250 tonnes.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange has inched up from US$2,412 per tonne on November 2, to US$2,415 per tonne on November 3.
In China domestic market weak consumption of downstream aluminium and aggravating production uncertainty has turned SHFE aluminium from bullish to bearish. On Wednesday’s night trading, the contract tested support below 60-day moving average.
The latest SHFE aluminium price movement is as follows:

It is expected that SHFE aluminium will continue to keep volatile around this average in the near term.
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