
The US dollar rose against the euro as the market grew concerned about economic growth in the eurozone. Base metals closed mixed last night. LME aluminium lost 0.54% and SHFE aluminium nudged up.
{alcircleadd}Benchmark aluminium price on London Metal Exchange increased further to close at US$ 1839.5 per tonne on Wednesday, January 16. Limited upward momentum settled LME aluminium at US$1841 per tonne, around the five-day moving average. It is likely to trade at US$1,825-1,855 per tonne.

As on January 16, LME aluminium cash (bid) price stood at US$ 1839 per tonne, LME official settlement price stands at US$ 1839.50 per tonne; 3-months bid price stands at US$ 1866 per tonne, 3-months offer price is US$ 1867 per tonne; Dec 19 bid price stands at US$ 2005 per tonne, and Dec 19 offer price stands at US$ 2010 per tonne.
The LME aluminium opening stock increased to 1303150 tonnes. Live Warrants totalled at 1055100 tonnes, and Cancelled Warrants were 248050 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1864.97 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 1972 per tonne today from US$ 1967 per tonne on January 16.
The SHFE 1903 contract extended gains to close the trading day 0.9% higher at RMB13,400 per tonne on Wednesday. This helped it to stand above the five- and 10-day moving averages.
The SHFE 1902 contract traded more robustly as it received support from the 10-day moving average after fell to a low of RMB13,375 per tonne.Outlook on pre-CNY downstream demand improved, and this ended the contract at RMB13,390 per tonne. SHFE 1902 contract is likely to trade at RMB13,320-13,420 per tonne today with spot discounts at RMB70-30 per tonne.
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