LME aluminium likely to recover today the losses made before the Christmas and Boxing day holidays; SHFE continues to trade lower

AL Circle

The US dollar index recovered to 97 on Wednesday as US stocks rebounded from Christmas, though uncertainty about the US government shutdown and Federal Reserve monetary policy remained a headwind.

The LME was closed on Tuesday for Christmas and on Wednesday for Boxing Day and hence no trading took place in the exchange.  LME aluminium closed the trading on 24th December at US$ 1898.50 per tonne, lowest in last two years. The contract is likely to try to regain losses made before Christmas Day, and trade within a range of US$1,880-1,910 per tonne.

{alcircleadd}

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 1966 per tonne today from US$ 1990 per tonne on December 26.

A lack of confidence in longs dragged the SHFE 1902 contract at noon yesterday, after it traded above the daily moving average and rose to an intraday high of RMB 13,870 per tonne in the morning. It still closed higher on the day at RMB13,790 per tonne, with open interests down 5,682 lots to 2,852 lots.

The downward trend in LME has affected the movements in SHFE aluminium. SHFE base metals, except for aluminium, traded higher overnight. The SHFE 1902 contract initially dropped to a low of RMB 13,730 per tonne overnight as longs aggressively reduced positions. It hovered between the 20- and 40-day moving averages to end at RMB 13,765 per tonne. The contract is expected to trade at RMB13,720-13,800 per tonne today with spot discounts at RMB 110-70 per tonne.

Edited By:


This news is also available on our App 'AlCircle News' Android | iOS


Alternate Text
EPIQ Machinery

A world class equipment designer specialized in developing innovative & effective solutions for heavy equipment, vehicles, and material handling systems

Alternate Text
RIA Cast House Engineering

Leading supplier of rail mounted precision Furnace Charging Machines and Furnace Skimming Machines

Alternate Text
Altek

Leading manufacturer of value-added equipment for the aluminum casthouse

Alternate Text
Jagannath Company

Manufacturers & Supplier of Magnesium Metal and Aluminium Foundry Chemicals

Alternate Text
CETAG

A supplier of proven systems and an expert adviser in aluminum casthouse technology, offering its services worldwide to the aluminum industry.

Alternate Text
IBAAS​-IIM 2024

September 25-27, 2024 | BITS Pilani K K Birla Goa Campus, Goa, INDIA

Related
Business Leads
Interested to buy aluminium ingot 97%. Purity : 97& Destin...
04-Apr-2024 Buying request

Interested to buy aluminium ingot A7 with above mentioned co...
04-Apr-2024 Buying request

We are looking for Aluminum ingot A7. The first order would ...
03-Apr-2024 Buying request

Read this news article and much
more on the AL News app
Get real-time news and business
lead alerts on your phone
SUBSCRIBE NOW
Market

Market

Project

Project

Technology

Technology

Leads

Leads