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25 MAY 2018 AL CIRCLE

LME aluminium gains after three consecutive falls; SHFE expected to rise further

EDITED BY : BEETHIKA BISWAS 2MINS READ

LME aluminium climbed up after three consecutive falls and closed higher at US$ 2270 per tonne on May 24 Thursday from US$ 2227 per tonne on previous closing. The contract climbed up further and touched a high of US$2,293.5 per tonne as most base metals gained last night. Shanghai Metals Market sees it facing pressure today at US$2,250-2,290 per tonne as Russian oligarch Oleg Deripaska resigned from its board.

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As on May 24, LME aluminium cash (bid) price stands at US$ 2270 per tonne, LME official settlement price stands at US$ 2271per tonne; 3-months bid price stands at US$ 2270 per tonne, 3-months offer price is US$ 2270per tonne; Dec 19 bid price stands at US$ 2253 per tonne, and Dec 19 offer price stands at US$ 2258 per tonne.

Currently, 3 months LME aluminium and LME cash price settle in the same range with the easing out of supply concerns.

The LME aluminium opening stock slightly dropped to 1227900 tonnes. Live Warrants totalled at 945850 tonnes, and Cancelled Warrants were 282050 tonne.

LME aluminium 3-months ABR price is hovering low at US$ 2256 tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2298 per tonne on May 25 from US$ 2283 per tonne yesterday.

As longs were keen to enter the market at low levels, the SHFE 1807 contract rose to RMB 14,750 per tonne level and traded rangebound yesterday. The contract came off from a high of RMB 14,795 per tonne in the afternoon as most longs took profits and left. The trading level of SHFE aluminium is likely to rise as social inventories have declined for two consecutive weeks. The SHFE 1807 contract rose slightly today from the previous days. It is expected to trade at RMB 14,700-14,850 per tonne today with spot discounts at RMB 100-60 per tonne.

 

Tagged with:

LME Price Aluminium

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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