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03 OCTOBER 2019 AL CIRCLE

LME aluminium plunged to record lows on Wednesday; regained some losses overnight on weak dollar

EDITED BY : BEETHIKA BISWAS 2MINS READ

The dollar has nursed losses on Thursday, hitting near one-week lows against the euro and yen, amid signs of a slowdown in U.S. economic growth and a deepening of global trade tensions.

Despite the inventory of LME warehouses falling to a multi-year lows and Shanghai Futures Exchange stocks are at two-year lows, LME aluminium continued downward slope and dropped to a record low of US$1697 per tonne during Wednesday’s closing. However, London copper and aluminium prices climbed from recent lows on Thursday morning as a weaker dollar supported prices, while trading was thin due to China’s major Golden Week holiday.

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LME

As on October 2, Wednesday, LME aluminium cash (bid) price stood at US$ 1696 per tonne, LME official settlement price stands at US$ 1697per tonne; 3-months bid price stands at US$ 1718 per tonne, 3-months offer price is US$ 1719 per tonne; Dec 20 bid price stands at US$ 1798 per tonne, and Dec 20 offer price stands at US$ 1803 per tonne.

The LME aluminium opening stock increased to 962350 tonnes. Live Warrants totalled at 775750 tonnes, and Cancelled Warrants were 775750 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1733 per tonne.

SHFE Aluminium Price Trend

China market and the Shanghai Futures Exchange (SHFE) will remain closed from Tuesday October 1 to Monday October 7 for the National Day holiday.


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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