LME aluminium gives in to the downward pressure, Chalco hikes prices in major markets

<p>As if Trump's win in the U.S. Presidential elections and speculations over possible Fed rates hike were not enough to weigh on the LME aluminium prices that Fed Chairwoman Janet Yellen joined in to deliver a speech in a 'hawkish' tone on Thursday. Result - the US dollar index which was already hovering at highs shot up further dragging the contract further down to US$1,692.50/mt at the end of Thursday's night trading. As on November 18, Friday, LME official cash buyer price of aluminium stands at US$1692/mt. <br /><br />LME aluminium is predicted to test support at the 40-day moving average and will move between US$1,688-1,700/mt on Friday. According to Shanghai Metals Market forecast, base metals will remain range-bound in the near term. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/LME%20prices(13).jpg" alt="News" width="500" height="268" /><br />In China, aluminium traded on Shanghai Metal Exchange closed at US$2,085/mt on Thursday only to open further down at US$2,065/mt on Friday. SMM says, "Shanghai base metals prices are expected to fluctuate for a direction," though the response to Yellen's speech has been 'mild' from the base metal complex.<br /><br />Aluminium on Shanghai Futures Exchange will also see range-bound trading. The contract SHFE 1701 aluminium will range at RMB 13,400-13,600/mt on Friday. <br /><br />In China spot market, aluminium should trade at premiums of RMB 400-440/mt on Friday, noted SMM. <br /><br />{googleAdsense}<br /><br />China Aluminum International Trading Co. (Chalco Trading), a full subsidiary under Chalco responsible for alumina and aluminium sales, has raised aluminium prices it offered in major China markets on November 18 after big cuts in previous day, it announced online. The revised prices are as stated below:<br /><br />Unit: yuan/tonne &nbsp;<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Table%20-%20Chalco.jpg" alt="News" width="272" height="262" /></p>