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06 APRIL 2017 AL CIRCLE

LME aluminium edges up 1.2 %, trading resumes on a bullish note at SHFE

EDITED BY : BEETHIKA BISWAS 2MINS READ

After dropping down to US$1,938 per tonne on Tuesday, April 4, LME aluminium closed at US$1,962 per tonne on Wednesday, April 5, registering 1.2% rise from last closing price. As seen by SMM, LME aluminium will move at highs on Thursday and will fluctuate between USD 1,950-1,990 per tonne.

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According to Reuter’s analysis, LME aluminium may retest a resistance at $1,978 per tonne and may gain further to $1,992, if it breaks above the resistance mark. The resistance is provided by the 214.6% Fibonacci projection level of an uptrend from the March 14 low of $1,855.

If LME aluminium hovers long below the resistance, the price will fail to reach the peak of $1,992. LME will find support at $1,956, a break below which could cause a loss to $1,948.

As on April 5, LME official cash buyer price of aluminium stands at US$1,960 per tonne, cash seller & settlement price is US$ 1,962  per tonne, 3M buyer price is US$ 1971.50 per tonne, 3M seller price is US$ 1972 per tonne, Dec1 buyer price is US$ 2008 per tonne, and Dec1 seller price is US$ 2013 per tonne. The current LME official Opening Stock of aluminium is estimated at 1850425 tonnes, total Live Warrants at 1007000 tonnes, and Cancelled Warrant at 843425 tonnes.  

As on March 13, LME Aluminium US Premium stands at US$ 215, LME Aluminium West-Europe Premium is US$ 95, LME Aluminium East-Asia Premium is US$105 and LME Aluminium South-East Asia Premium is US$15. (Per tonne)

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Trading resumed at the Shanghai Futures Exchange on Wednesday after the 2017 Chinese Qingming Festival. The benchmark price of aluminium on Shanghai Metal Exchange (SME) has dropped from the last closing of US$ 2,021 per tonne on April 5 to stand at US$ 2,007 per tonne on Thursday, April 6.

According to an SMM analysis, spot aluminium in China’s domestic market is estimated to trade at discounts of RMB 180-140 per tonne on Thursday. SHFE 1705 aluminium is estimated to fluctuate between RMB 13,900-14,300/mt on Thursday.

As seen by SMM analysis, Friday’s release of U.S. nonfarm payrolls will be one of the most important events of the week for the foreign-exchange and other commodities markets, including aluminium. 

Tagged with:

Aluminium Price LME Market

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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