
Benchmark aluminium price on London Metal Exchange inched slightly higher on Thursday, February 22, as US dollar index weakened lifting prices across the board. The light metal contract closed at US$2,194 per tonne, up from US$2,190 per tonne on Wednesday, February 21.
Shanghai Metals Market analyses that LME aluminium will trade at US$2,172-2,200 per tonne range on Friday, February 23, after testing resistance at the five-day and 20-day moving averages. The support is identified at the 10-day and 60-day moving averages.
{alcircleadd}
As on February 22, LME aluminium cash (bid) price stands at US$2,193.50 per tonne, LME aluminium cash (offer) price stands at US$2,194 per tonne; 3-months bid price stands at US$2,180 per tonne, 3-months offer price is US$2,182 per tonne; Dec 19 bid price stands at US$2,225 per tonne, and Dec 19 offer price is US$2,230 per tonne.
The LME aluminium opening stock today stood at 1314225 tonnes, Live Warrants totalled at 1144000 tonnes, and Cancelled Warrants were 170225 tonne.
LME aluminium 3-months ABR price is hovering at US$2,171 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal has firmed up from US$2,160 per tonne on February 22 to US$2,202 per tonne on February 23.
On Shanghai Futures Exchange, the most active aluminium contract dropped to RMB 14,030 per tonne yesterday as investors added their short positions. The price movement as updated by SMM is as follows:

As per SMM, SHFE aluminium is likely to test resistance at the 10-day moving average and trade at RMB 14,200-14,380 per tonne range on Friday.
Spot discounts on aluminium are expected to be at RMB 280-240 per tonne today.
Responses







