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17 NOVEMBER 2017 AL CIRCLE

LME aluminium inches higher, but will the bearish uptrend sustain?

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium has edged higher above the US$2,100 per tonne mark. The light metal contract which has been struggling around US$2,080 per tonne level over the last five days rose 1.25 per cent to close at US$2,106 per tonne on Thursday, November 16. However, the bearish trend in global non-ferrous sector is likely to keep reining in the upward impetus of aluminium in the near term.

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As on November 16, LME official cash buyer aluminium price (Bid Price) stands at US$2,105.50 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,106 per tonne, 3M Bid Price is US$2,123 per tonne, 3M Offer Price is US$2,123.50 per tonne, Dec1 Bid Price is US$2,168 per tonne, and Dec1 Offer Price is US$2,173 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1161475 tonnes, total Live Warrants is 913775 tonnes, and Cancelled Warrant is 247700 tonnes.   

Spot price against 3-month LME aluminium futures price ranged at US$19.5 per tonne on November 15, and US$17.5 per tonne on November 16.         

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2,316 per tonne on November 16, to US$2,298 per tonne on November 17.  

In China domestic market, aluminium prices on Shanghai Futures Exchange trended as below on November 16:

SHFE aluminium is expected to again start struggling for the 5-day moving average on Friday, November 17. The implementation of production cut will slowly start showing its effect on the aluminium ingot inventory levels, SMM noted.


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EDITED BY : DIPANWITA GUPTA 2MINS READ

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