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09 MAY 2018 AL CIRCLE

LME aluminium opens higher after Early May Bank Holiday; SHFE likely to hover at highs

EDITED BY : HEENA IQBAL 2MINS READ

LME aluminium opened higher after Early May Bank Holiday. Benchmark aluminium price on London Metal Exchange increased to close at US$ 2384 per tonne on Tuesday, May 8, from US$2316 per tonne on Friday May 4.  LME aluminium is expected to trade at US$2,330-2,380 per tonne today. 

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As on May 8, LME aluminium cash (bid) price stands at US$ 2382 per tonne, LME official settlement price stands at US$ 2384 per tonne; 3-months bid price stands at US$2362 per tonne, 3-months offer price is US$ 2363 per tonne; Dec 19 bid price stands at US$2293 per tonne, and Dec 19 offer price stands at US$ 2298 per tonne. 

The LME aluminium opening stock stood at 1297550 tonnes. Live Warrants totalled at 863950 tonnes, and Cancelled Warrants were 433600 tonne.

LME aluminium 3-months ABR price is hovering low at US$2369.31tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange dropped from US$ 2298 per tonne on May 8 to US$ 2285 per tonne on May 9.

The SHFE 1807 contract fell to a low of RMB 14,745 per tonne amid risk aversion as the US decided to pull back from the Iran nuclear deal, but support was seen at the 10-day moving average. SMM expects it to test support at several moving averages and trade at RMB 14,550-14,750 per tonne with spot discount at RMB 30 per tonne to a premium of RMB 10 per tonne. SMM expects the contract to hover at highs tonight.

The US dollar is likely to stay at highs in the short term while base metals are expected to continue their rangebound and weak patterns.

Tagged with:

Aluminium Price LME SMM

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EDITED BY : HEENA IQBAL 2MINS READ

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