LME aluminium improves though marginally on positive manufacturing PMI

<p>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.<br /><br />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.<br /><br />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. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/LME%20Prices.jpg" alt="News" width="480" height="365" /><br /><br />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. <br /><br />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. <br /><br />{googleAdsense}<br /><br />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.</p>