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19 JANUARY 2018 AL CIRCLE

LME aluminium holds ground; SHFE expected to face resistance at RMB 14,300 per tonne

EDITED BY : BEETHIKA BISWAS 2MINS READ

LME aluminium managed to hold grounds as it registered a moderate gain to stand at US$ 2,225 per tonne on Thursday January 19 from 2,187 per tonne on, Wednesday January 18. Shanghai Metals Market analysis suggests that LME aluminium will stay range-bound at US$2,220-2,250 per tonne on Friday, January 19.

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As on January 18, LME official cash buyer aluminium price (Bid Price) stands at US$ 2,224per tonne, cash seller & settlement aluminium price (Offer price) is US$ 2,225per tonne, 3M Bid Price is US$ 2218per tonne, 3M Offer Price is US$ 2218.50 per tonne, Dec1 Bid Price is US$ 2,263 per tonne, and Dec1 Offer Price is US$ 2268 per tonne. LME aluminium opening stock stands at 1090875 tonnes, down from last closing. Total Live Warrants is 842625 tonnes and Cancelled Warrants 248250 tonnes.

The Asian reference price for LME aluminium (3-months ABR) is US$ 2190.61per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has gained from US$2,242 per tonne on January 18 to US$2,261 per tonne on January 19 Following the rise in LME . On Shanghai Futures Exchange, SHFE aluminium price movement on January 17, as updated by Shanghai Metals Market, was as follows:   

SHFE aluminium is continuing its downward trend as both trading volumes and open interest have dropped. SMM forecasts that SHFE aluminium would follow LME tendency at RMB 14,600-14,800 per tonne today. SHFE is expected to face resistance at RMB 14,300 per tonne. Spot discounts are expected at RMB 210-170 per tonne.

 

Tagged with:

LME Price Aluminium SMM

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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