
LME aluminium seems to be somewhat losing its steam. The
light metal which closed at US$2096.50 last Friday, August 25, dropped to
US$2,092 per tonne on Tuesday, August 29. As per Shanghai Metals Market
forecast, LME aluminium will continue to move widely around the 5-day and
10-day moving averages and range at US$2,075-2,100 per tonne on Wednesday,
August 30.
Reuters’ technical analysis suggests that LME aluminium may
retrace US$2,065 per tonne, the low reached on August 25, as its correction has
yet not completed.

As on August 29, LME official cash buyer aluminium price (Bid
Price) stands at US$2,090 per tonne, cash seller & settlement aluminium
price (Offer price) is US$2,092.50 per tonne, 3M Bid Price is US$2,103 per
tonne, 3M Offer Price is US$2,104 per tonne, Dec1 Bid Price is US$2,143 per
tonne, and Dec1 Offer Price is US$2,148 per tonne. LME aluminium Opening Stock
stands at 1324550 tonnes, total Live Warrants is 1141975 tonnes, and Cancelled
Warrant is 182575 tonnes.
SME and SHFE
Aluminium Price Trend
The benchmark aluminium price at Shanghai Metal Exchange
(SME) has again dropped marginally from US$2,430 per tonne on Tuesday, August 29
to US$2,427 per tonne on Wednesday, August 30.
At Shanghai Futures Exchange (SHFE), trading was weak on
Tuesday, August 29 due to month-end cash crunch. Mainstream traded aluminium prices
were RMB 16,090-16,130 per tonne in Guangdong, a premium of RMB 90 per tonne
over Shanghai, reported SMM. The otherwise active aluminium contract on the
bourse, SHFE 1711 aluminium is expected to range within RMB 16,200-16,550 per
tonne on Wednesday, August 30.
In east China aluminium spot market, spot discounts over
SHFE 1709 aluminium are expected to range at RMB 200-180 per tonne on Wednesday.
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