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28 AUGUST 2018 AL CIRCLE

LME aluminium expected to trade at US$2,080-2,100/t; SHFE closed flat

EDITED BY : HEENA IQBAL 1MINS READ

London Metal Exchange was closed on Monday August 27 due to Summer Bank Holiday. Shanghai Metals Market expects LME aluminium to receive support from higher alumina prices and to trade at US$2,080-2,100 per tonne today. 

SME and SHFE Aluminium Price Trend

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The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 2145 per tonne on August 28, from US$ 2151 per tonne on August 27.

The SHFE 1810 contract lost all the gains made since Friday and closed flat yesterday, according to Shanghai Metals Market. It initially hit a low of RMB14,735 per tonne before it found some support at the five-day moving average. The SHFE 1810 contract finally closed at RMB14,735 per tonne.

The SHFE 1810 contract rebounded as alumina jumped US$42.5 per tonne to trade at US$623 per tonne at India’s National Aluminium Company (Nalco). It fell to a low of RMB14,735 per tonne and closed at RMB14,770 per tonne. It is likely to consolidate at RMB14,700-15,000 per tonne today with spot discounts at RMB80-40 per tonne.


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EDITED BY : HEENA IQBAL 1MINS READ

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