
LME aluminium continues to move in a wide trading range.
From the earlier close of US$2,092 per tonne on Tuesday, August 29, the light
metal contract fell to US42,066.5 per tonne on Wednesday, August 30. According
to Shanghai Metals Market forecast, LME aluminium will continue to hover around
its 5-day and 10-day moving averages in the foreseeable future, and range at
US$2,075-2,100 per tonne on Thursday, August 31.
Reuters’ technical analysis suggests that LME aluminium is neutral in the US$2081-2,103 per tonne range; any escape from this bracket would suggest a trend. An extend stay below US$2,119 per tonne level might enhance the chance of the light metal going down towards US$1,958 per tonne.
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As on August 30, LME official cash buyer aluminium price (Bid
Price) stands at US$2,066 per tonne, cash seller & settlement aluminium
price (Offer price) is US$2,066.50 per tonne, 3M Bid Price is US$2,085.50 per
tonne, 3M Offer Price is US$2,086 per tonne, Dec1 Bid Price is US$2,125 per
tonne, and Dec1 Offer Price is US$2,130 per tonne. LME aluminium Opening Stock
stands at 1324325 tonnes, total Live Warrants is 1146025 tonnes, and Cancelled
Warrant is 178300 tonnes.
SME and SHFE
Aluminium Price Trend
The benchmark aluminium price at Shanghai Metal Exchange
(SME) continues to fluctuate within a narrow range. The benchmark price has again
inched up from US$2,427 per tonne on Wednesday, August 30 to US$2,447 per tonne
on Thursday, August 31.
During night trading on Wednesday, August 30, base metals at
Shanghai Futures Exchange (SHFE) were split with most of the contracts falling
back. Mainstream traded prices were RMB 15,950-15,970 per tonne in Shanghai,
RMB 15,940-15,960 per tonne in Wuxi and RMB 15,950-15,960 per tonne in
Hangzhou. SMM predicts that the otherwise active aluminium contract on the
bourse, SHFE 1711 aluminium will range at RMB 16,250-16,600 per tonne on
Thursday, August 31.
In east China aluminium spot market, spot discounts over SHFE 1709 aluminium are expected to range at RMB 240-200 per tonne on Thursday.
The market focus will be on China official manufacturing PMI
in July, Eurozone July unemployment rate, annualized August CPI before seasonal
adjustment, the number of initial jobless claims, US annualized July core PCE
goods price index, US household spending in July, Chicago August PMI and
seasonally adjusted existing home sales in July on Thursday, August 31, SMM
said.
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