
The US dollar decreased sharply in afternoon trade on Friday, surrendering early gains after an employment report for the month of April that topped economists’ expectations.
LME base metals ended mostly higher but aluminium lost over 1%. SHFE metals closed mixed on Tuesday April 30, the last trading day before the Labour Day holiday and aluminium slid 0.35%. SHFE aluminium is expected to trade higher today. LME aluminium fell below all moving averages to a low of US$1,796 per tonne, from a high of US$1,829 per tonne last Friday. Expanding aluminium inventories across LME warehouses depressed prices. It is expected to trade at US$1,700-1,800 per tonne after trades resume on Tuesday. Today, there will be no trading due to Early May Bank Holiday.
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As on May 3, Friday, LME aluminium cash (bid) price stood at US$ 1783 per tonne, LME official settlement price stands at US$ 1783.50 per tonne; 3-months bid price stands at US$ 1810.50 per tonne, 3-months offer price is US$ 1811 per tonne; Dec 20 bid price stands at US$ 1930 per tonne, and Dec 20 offer price stands at US$ 1935 per tonne.
The LME aluminium opening stock stood at 1250250 tonnes. Live Warrants totalled at 874050 tonnes, and Cancelled Warrants were 376200 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1817.50 per tonne.
The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 2076 per tonne today from US$ 2106 per tonne on April 30.
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