
LME aluminium has dropped slightly. With the US dollar index moving higher after strong US data, the light metal contract slipped to US$2,124 per tonne on Thursday, October 5, from the earlier close of US$2,139 per tonne.
Reuters’ technical analysis suggests that LME aluminium may break a resistance at US$2,174 per tonne and rise to US$2,196 per tonne. The trend line indicates a lower support at US$ 2,161 per tonne. A break below this level could cause a loss for LME aluminium into the range of US$2,125-US$2,145 per tonne in the short term.
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As on October 4, LME official cash buyer aluminium price (Bid Price) stands at US$2,122 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,124 per tonne, 3M Bid Price is US$2,146 per tonne, 3M Offer Price is US$2,147 per tonne, Dec1 Bid Price is US$2,192 per tonne, and Dec1 Offer Price is US$2,197 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1249350 tonnes, total Live Warrants is 1004925 tonnes, and Cancelled Warrant is 244425 tonnes.
India MCX aluminium price trend
In Multi Commodity Exchange of India Ltd. (MCX), aluminium future is trading at INR 140.60 per kg on October 6 (up from INR 139.95 per kg on October 5, 10.00 am). Average MCX aluminium price stands at INR 140.73 per kg, bid price is INR140.65 per kg and offer price was INR 140.70 per kg. The light metal contract touched an intraday low of INR140.65 per kg and peaked at INR 140.85 per kg against a market lot of 5 on October 5. Spot aluminium is priced at INR 138.35 per kg.
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