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12 NOVEMBER 2018 AL CIRCLE

LME aluminium falls as U.S extends deadline for Rusal; SHFE remains weak

EDITED BY : HEENA IQBAL 2MINS READ

The US dollar rose against most major currencies on Friday and settled at 96.88. Major Base metals fell across the board as LME aluminium declined 1.31% last week.  LME aluminium closed at US$ 1964.5 per tonne on Friday November 9, down from US$ 1977 per tonne on Thursday November 8. 

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LME aluminium fell to the lowest of last Friday night at $1,954 per tonne today morning as the US extended the deadline for sanctions on Russian aluminium producer Rusal. SMM expects LME aluminium to trade at US$1,950-1,990 per tonne today.

As on November 9, Friday, LME aluminium cash (bid) price stood at US$ 1963.50 per tonne, LME official settlement price stands at US$ 1964.50 per tonne; 3-months bid price stands at US$ 1971 per tonne, 3-months offer price is US$ 1971.50 per tonne; Dec 19 bid price stands at US$ 2030 per tonne, and Dec 19 offer price stands at US$ 2035 per tonne. 

The LME aluminium opening stock rose to 1055550 tonnes. Live Warrants totalled at 740200 tonnes, and Cancelled Warrants were 315350 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$1981 per tonne.

SME and SHFE Aluminium Price Trend 

The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 1986 per tonne today from US$ 1997 per tonne on November 9.

SHFE base metals ended Friday in mixed performance aluminium slipped some 0.4%.

The SHFE 1901 contract traded weakly below the five- and 10-day moving averages as the US dollar strengthened. It closed at RMB13,865 per tonne after it fell to a low of RMB13,845 per tonne. SMM expects the contract to trade at RMB13,800-13,900 per tonne today. Spot discounts are seen at RMB60-20 per tonne. 

Tagged with:

Aluminium Price RUSAL LME SMM

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EDITED BY : HEENA IQBAL 2MINS READ

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