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12 FEBRUARY 2018 AL CIRCLE

LME aluminium edges lower on rising China export; SHFE aluminium stays range-bound

EDITED BY : DIPANWITA GUPTA 2MINS READ

Benchmark aluminium price on London Metal Exchange edged further lower on the last trading day of the week ending February 9. Surging aluminium exports from China pressured down LME aluminium prices to US$2,142 per tonne on Friday from US$2,168 per tonne the previous day.

Shanghai Metals Market said that LME aluminium is likely to trade at US$2,100-2,135 per tonne range on Monday, February 12.    

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LME Aluminium

As on February 9, LME official cash buyer aluminium price (Bid Price) stands at US$2,141.50 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,142 per tonne, 3M Bid Price is US$2,143 per tonne, 3M Offer Price is US$2,144 per tonne, Dec1 Bid Price is US$2,195 per tonne, and Dec1 Offer Price is US$2,200 per tonne. LME aluminium opening stock stands at 1097100 tonnes, total Live Warrants is 877600 tonnes, and Cancelled Warrants total at 219500 tonnes.

LME aluminium Asian reference price three-months ABR is given asUS$2,158.09 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has come down from US$2,210 per tonne on February 9 to US$2,202 per tonne on February 12.

On Shanghai Futures Exchange, stocks fell widely on February 8 leading to increase in short positions in SHFE aluminium. The movement of the contract as updated by SMM was as follows:

SHFE Aluminium

SMM foresees range-bound trading this week as the Chinese New Year slows down market activity. The SHFE 1804 contract is likely to continue to test resistance at the five-day moving average and trade at RMB 14,100-14,270 per tonne today.

Tagged with:

LME Price China SMM

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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