
US dollar held on to overnight gains today. Most of the LME base metals saw a tumbling session on Wednesday with aluminium and lead hitting their lowest in more than two years. This was attributed to the sale of computer-driven funds after an options expiry amid concerns about China demand. However, most of them recovered rose from the low overnight, with progress in the U.S.-China trade talks lending some support.

The United States and China are likely to close a trade deal that would roll back a portion of the US$250 billion in U.S. tariffs on Chinese goods. U.S. Treasury Secretary Steven Mnuchin said on his Twitter account that the two countries have completed “productive” talks in Beijing. Benchmark aluminium rose 0.3 per cent to US$1,819.50 a tonne by 0140 GMT.
As on May 1, LME aluminium cash (bid) price stood at US$ 1775 per tonne, LME official settlement price stands at US$ 1775.50 per tonne; 3-months bid price stands at US$ 1788 per tonne, 3-months offer price is US$ 1789 per tonne; Dec 20 bid price stands at US$ 1908 per tonne, and Dec 20 offer price stands at US$ 1913 per tonne.
The LME aluminium opening stock stood at 1135300 tonnes. Live Warrants totalled at 776675 tonnes, and Cancelled Warrants were 358625 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1806 per tonne.
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