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23 NOVEMBER 2017 AL CIRCLE

LME aluminium inches up despite quiet trading ahead of U.S. Thanksgiving holiday

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium edged slightly higher on Wednesday, November 22, despite muted trading ahead of the Thanksgiving holiday in the United States. The light metal contract closed at US$2,085 per tonne yesterday, up from US$2,062 per tonne on Tuesday, November 21. The fact that the demand growth has slowed down as market participants anticipated supply uncertainties due to China winter capacity cuts is prompting analysts to maintain a negative near-term outlook for LME aluminium.  

LME Aluminium

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As on November 22, LME official cash buyer aluminium price (Bid Price) stands at US$2,084.50 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,085 per tonne, 3M Bid Price is US$2,102 per tonne, 3M Offer Price is US$2,102.50 per tonne, Dec1 Bid Price is US$2,148 per tonne, and Dec1 Offer Price is US$2,153 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1133800 tonnes, total Live Warrants is 896725 tonnes, and Cancelled Warrant is 237075 tonnes.   

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has risen from US$2,230 per tonne on November 22, to US$2,245 per tonne on November 23.  

In China domestic market, average aluminium price on Shanghai Futures Exchange is wandering at lows. SHFE aluminium price movement as on November 22 is as follows:

SHFE Aluminium

Shanghai Metals Market maintains a downward mid-term trend outlook for SHFE aluminium. The average price is estimated to move between RMB 14,950-15,200 per tonne, with discount of spot price at RMB 140-100 per tonne.

Tagged with:

LME Price Inventory Aluminium

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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