LME aluminium has gained further. The light metal contract which closed at US$2,114 per tonne on Tuesday, October 3, reversing its current downtrend toward US$2,066 per tonne, has jumped to US$2,139.50 per tonne on Wednesday, October 4.
Reuters’ technical analysis suggests that LME aluminium may test a resistance at US$2,174 per tonne. A break above this level could take the contract to a gain to the next resistance at US$2,196 per tonne. A break below this level could cause a loss to US$2,125 per tonne. So, it is likely that LME aluminium will swing widely within the range of US$2,125-US$2,175 per tonne in the short term.
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Source: www.lme.com
As on October 4, LME official cash buyer aluminium price (Bid Price) stands at US$2,138.50 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,139.50 per tonne, 3M Bid Price is US$2,154 per tonne, 3M Offer Price is US$2,155 per tonne, Dec1 Bid Price is US$2,200 per tonne, and Dec1 Offer Price is US$2,205 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1251700 tonnes, total Live Warrants is 1004925 tonnes, and Cancelled Warrant is 246775 tonnes.
India MCX aluminium price trend
In Multi Commodity Exchange of India Ltd. (MCX), aluminium futures traded at INR 139.95 per kg on October 4 (up 0.21 per cent from the previous price). Average MCX aluminium price stood at INR 139.77 per kg, bid price was INR139.85 per kg and offer price was INR 139.90 per kg. The light metal contract touched an intraday low of INR138.80 per kg and peaked at INR 140 per kg against a market lot of 5.
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