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28 FEBRUARY 2017 AL CIRCLE

LME aluminium edges higher as crude oil becomes costlier

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium closed higher at US$1,907 per tonne on Monday, February 27 breaking support at US$1,900 per tonne. The 1.67 per cent rise from its previous day's closing of US$1,877 per tonne marks the highest in last one week, when the metal traded in the range of US$1,860-1,880 per tonne. The contract underperformed in Asian trading hours than it in European Trading hours, affected by weak Shanghai aluminium prices. Shanghai Metals Market (SMM) in its forecast said LME aluminium will test US$1,900 per tonne support and move at US$1,885-1,910 per tonne range on Tuesday, February 28.

As on February 27, LME official cash buyer price of aluminium stands at US$1,907 per tonne, cash seller & settlement price is US$1,908 per tonne, 3M buyer price is US$1,905 per tonne, 3M seller price is US$1,905.50 per tonne, Dec1 buyer price is US$1,945 per tonne, and Dec1 seller price is US$1,950 per tonne. The current LME official Opening Stock of aluminium is estimated at 2209550 tonnes, total Live Warrants is 1345825 tonnes, and Cancelled Warrant is 863725 tonnes.

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As on February 24, LME Aluminium US Premium stands at US$215, LME Aluminium West-Europe Premium remains unchanged at US$95, LME Aluminium East-Asia Premium is US$95 and LME Aluminium South-East Asia Premium is US$15.

In China, the benchmark price of aluminium on Shanghai Metal Exchange (SME) has inched higher marginally. The price is up by 0.25 per cent from its previous day's price of US$1,966 per tonne on Monday to stand at US$1,971 per tonne on Tuesday, February 28.

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Aluminium contracts traded on Shanghai Futures Exchange (SHFE) fell during Monday's night trading. SHFE 1704 aluminum after opening at RMB 13,820 per tonne declined to RMB 13,710 per tonne Monday. SMM says tthe contract will keep fluctuating in the short term. Based on the key macroeconomic indicators, aluminium prices in key China makets are expected to hover in the range of RMB 13,700-13,950 per tonne.

Spot aluminium in China's domestic market is expected to trade at discounts of RMB 220-180 per tonne on Tuesday.

Tagged with:

Price LME SMM

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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