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25 NOVEMBER 2016 AL CIRCLE

LME aluminium posts further gain, SME aluminium dips 1.7%

EDITED BY : DIPANWITA GUPTA 2MINS READ

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.

According to Shanghai Metals Market forecast, LME aluminium will move between US$1,750-1,770/mt on Friday.

News
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.

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.

Following graph shows the (average) SMM A00 Aluminium Ingot price movement in China's major consuming markets:

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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’s November service PMI and composite PMI, as well as UK Q3 GDP on Friday.

Tagged with:

Aluminium Price LME China SMM

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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