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25 OCTOBER 2016 AL CIRCLE

LME aluminium improves though marginally on positive manufacturing PMI

EDITED BY : DIPANWITA GUPTA 2MINS READ

Aluminium traded on London Metal Exchange is expected to move between US$1,625-1,650/mt on Tuesday with positive technical indicators. SHFE 1612 aluminum should range between RMB 12,780-13,050/mt, said analysts at Shanghai Metals Market in an early morning forecast.

LME aluminium moved between US$1,610-1,630/mt through Monday to close at US$1626.50/mt. SHFE aluminium, as expected, broke through the 5 and 10-day moving averages with positive technical indicators moving at RMB 12,680-12,880/mt due to returning of longs.

LME aluminium has been ranging between US$1650-US$1680 over the past one month peaking only at $1686 approximately on October 14. Since then, the price of the metal has been falling. It touched a two-month low of $1612.50 on October 20, before inching higher at around $1617 on Friday, October 21. The 3-months buyer price of the metal stands at $1620.5 whereas the 3-month seller price stands at US$1621.

News

The LME December3 Offer (Seller) price for aluminium as of October 24 stands at US$1775 and December3 Bid (Buyer) price stands at US$1770.

Looking at LME aluminium premiums, the prices for the US market have edged higher by 7.4 per cent since the last one month, whereas for the West-Europe, East-Asia, and South-East Asian markets, the premium prices have hold their grounds at US$70, US$65, and US$15 respectively.

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In China, aluminium on Shanghai Metal Exchange closed at US$2000 on October 24, Monday. According to SMM forecast, spot aluminum will trade at premiums of RMB 450-500/mt over SHFE 1611 aluminum on Tuesday.


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EDITED BY : DIPANWITA GUPTA 2MINS READ

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