LME aluminium posts further gain, SME aluminium dips 1.7%

<p>LME aluminium is trending higher. The contract after trading at around US$1,765.50/mt on Thursday closed at US$1,774/mt at the end of night trading. The current LME official cash buyer price of aluminium, as on November 25, stands at US$1,773/mt; the 3-months buyer price is US$1,775/mt; and the 3-months seller price is US$1,775.50/mt. The LME official opening stock of aluminium stands at 2137200 tonnes and total Live Warrants are estimated at 1355175 tonnes. LME Asian Reference Price of aluminium (3-months ABR) as on November 25, is estimated at US$1754.08/mt. <br /><br />According to Shanghai Metals Market forecast, LME aluminium will move between US$1,750-1,770/mt on Friday. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/LME%20prices%20graph%201.jpg" alt="News" width="517" height="226" /><br />In China, aluminium on Shanghai Metal Exchange traded at US$2,154/mt on Thursday. On Friday, November 25, the contract opened at US$2,117/mt, down 1.71 per cent from the previous close. <br /><br />Base metals traded on Shanghai Futures Exchange are expected to diverge on Friday, foresees SMM. SHFE 1701 aluminum is predicted to range between RMB 13,900-14,100/mt. <br /><br />Following graph shows the (average) SMM A00 Aluminium Ingot price movement in China's major consuming markets:<br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/SMM%20aluminium%20ingot%20graph%202.jpg" alt="News" width="517" height="226" /><br />{googleAdsense}<br /><br />A number of key macroeconomic indicators have been identified by SMM that are likley going to drive the price movements of aluminium on global exchanges. Market will eye a series of US economic data, including October wholesale inventories, Markit&rsquo;s November service PMI and composite PMI, as well as UK Q3 GDP on Friday.</p>