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12 JANUARY 2018 AL CIRCLE

LME aluminium holds ground; SME lies low on the face of oversupplied market in China

EDITED BY : BEETHIKA BISWAS 2MINS READ

LME aluminium registers another gain after continuous drop and according to Shanghai Metals Market; the light metal contract would test the effectiveness of the five-day moving average following a slump, trading at $2,170-2,190/t today.  LME aluminium contract gained from US$ 2159 per tonne on January 10 to close at US$ 2179per tonne on January 11.

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As on January 11, LME official cash buyer aluminium price (Bid Price) stands at US$ 2178per tonne, cash seller & settlement aluminium price (Offer price) is US$ 2179 per tonne, 3M Bid Price is US$ 2190 per tonne, 3M Offer Price is US$2191 per tonne, Dec1 Bid Price is US$ 2262 per tonne, and Dec1 Offer Price is US$2267 per tonne. LME aluminium opening stock stands at 1088325 tonnes, off from the stock on last closing. Total Live Warrants stands at 851325 tonnes and Cancelled Warrants 237000 tonnes.

The Asian reference price for LME aluminium (3-months ABR) drops to US$ 2204 per tonne.

SME and SHFE updates

The benchmark aluminium price on Shanghai Metal Exchange (SME) has dropped slightly from US$ 2290 per tonne on January 11 to US$ 2288 per tonne on January 12. According to SMM, SHFE aluminium is expected to trade at RMB 15,020-15,220/t with longs operating on a shorter-term basis. Spot discounts are to move at RMB 120-80/t.

According to Reuters, the most-traded aluminium contract on the SHFE closed up 1.2 per cent at RMB 15,210 per tonne; pulled higher by Thursday's 1 per cent jump in London Metal Exchange. As updated by shfe.com, on Shanghai Futures Exchange, the major SHFE aluminium contracts price movements on January 10 are as follows:

 

Tagged with:

LME Price China SMM Aluminium

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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