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08 MAY 2019 AL CIRCLE

LME aluminium opens lower after Early May Bank Holiday; SHFE to trade at RMB14,000-14,100/t

EDITED BY : HEENA IQBAL 2MINS READ

The US dollar weakened against the Japanese yen. LME aluminium grew 1.06% and SHFE aluminium finished slightly higher last night. Benchmark aluminium price on London Metal Exchange dropped to close at US$ 1767 per tonne on Tuesday, May 7, from US$ 1783.5 per tonne on Friday May 3.  LME aluminium is likely to be traded at US$1,800-1,820per tonne today. 

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As on May 7, LME aluminium cash (bid) price stood at US$ 1766 per tonne, LME official settlement price stands at US$ 1767 per tonne; 3-months bid price stands at US$ 1798 per tonne, 3-months offer price is US$ 1798.50 per tonne; Dec 20 bid price stands at US$ 1918 per tonne, and Dec 20 offer price stands at US$ 1923 per tonne.  

The LME aluminium opening stock stood at 1263400 tonnes. Live Warrants totalled at 864650 tonnes, and Cancelled Warrants were 398750 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1797.90per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 2069 per tonne today from US$ 2072 per tonne on May 7. 

The most active SHFE June contract rose to an intraday high of RMB14,035 per tonne yesterday before it fluctuated to end at RMB14,010 per tonne.

According to Shanghai Metals Market, stable release of consumption and leaving shorts led to a rebound in the SHFE 1906 contract, to a high of RMB14,040 per tonne overnight. Trade uncertainties are likely to keep the contract between RMB14,000-14,100 per tonne. Spot offers are set flat to a premium of RMB20 per tonne.


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EDITED BY : HEENA IQBAL 2MINS READ

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