
LME aluminium is trending higher. The contract having risen for six days at a stretch is slated for a further rise as U.S. Dollar turned lower after Trump conference failed to throw light on the details of fiscal policies. Shanghai Metals Market says LME aluminium will move at US$1,750-1,770 per tonne on Thursday, January 12.
As on January 11, LME official cash buyer price of aluminium stands at US$1747.5 per tonne, cash seller & settlement price is US$1748.5 per tonne, 3M buyer price is US$1746 per tonne, 3M seller price is US$1,746.5, Dec1 buyer price is US$1,793 per tonne, and Dec1 seller price is US$1,798 per tonne. The current LME official Opening Stock of aluminium is estimated at 2232725 tonnes, total Live Warrants is 1591475 tonnes, and Cancelled Warrant is 652300 tonnes.
As on January 10, LME Aluminium US Premium stands at US$180, LME Aluminium West-Europe Premium is US$75, LME Aluminium East-Asia Premium is US$90 and LME Aluminium South-East Asia Premium is US$15.
In China, the benchmark price of aluminium on Shanghai Metal Exchange stands at US$1,855 per tonne, up 0.43 per cent from previous day's price of US$1,847 per tonne.
SME Price Source: http://en.shmet.com
Aluminium traded on Shanghai Futures Exchange is predicted to hover at highs on Thursday. SMM says the contract SHFE 1703 aluminium will meet resistance at the 40 and 60-day moving averages and will move at RMB 12,900-13,100 per tonne range. The rise in the futures will be supported by the rising ferrous metals on the boards.
Spot aluminium in China’s domestic market is estimated to trade at discounts of RMB 80-40 per tonne on Thursday.
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China's December currency supply, France's CPI, trade data of Japan, German's GDP, industrial output of Italy along with a series of other key macroeconomic data will be released today. Crude oil prices, in the meantime, are moving at lows after they slid 2.5 per cent on Moday with concerns raising over record oil exports from Iraq and US production growing month-on-month.
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