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09 NOVEMBER 2017 AL CIRCLE

LME aluminium headed for the next support at US$2,081/t; further declines to follow

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium, as projected, dropped to US$2,103.50 per tonne on Thursday, November 8, after testing support at US$2,148 per tonne. The light metal which closed at US$2,131 per tonne on Wednesday, November 7, has declined by 0.03 per cent till date from its latest high of US$2,188 per tonne on November 1.

Reuters’ technical analysis suggests that LME aluminium may break a support at US$2,081 per tonne. There is a possibility that the contract will break below this support level as well and fall further towards the next support at US$2,046 per tonne in the near term.

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Source: www.lme.com

As on November 8, LME official cash buyer aluminium price (Bid Price) stands at US$2,103 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,103.50 per tonne, 3M Bid Price is US$2,118 per tonne, 3M Offer Price is US$2,120 per tonne, Dec1 Bid Price is US$2,165 per tonne, and Dec1 Offer Price is US$2,170 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1177300 tonnes, total Live Warrants is 933400 tonnes, and Cancelled Warrant is 243900 tonnes.                      

LME aluminium spot price was at a US$18.75 per tonne discount than three month aluminium on November 8, and it was at a US$19.5 per tonne discount on the previous day.         

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2,362 per tonne on November 8, to US$2,325 per tonne on November 9. 

In China domestic market, aluminium price is keeping weak and volatile. SHFE aluminium contracts are expected to keep trading within a low range in medium term, Shanghai Metals Market observed.

Tagged with:

Price LME Inventory

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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