
The US dollar climbed on Thursday on the back of expectations that the United States and China were inching closer to a trade deal. The dollar index, which tracks the greenback against a basket of other currencies, ended up 0.2% on the day at 98.15. LME base metals and the SHFE complex mostly traded higher. LME aluminium gained 0.42% and SHFE aluminium rose 0.42%.
Benchmark aluminium price on London Metal Exchange stayed flat and closed at US$1817.50 per tonne on Thursday, November 8. Three-month LME aluminium stayed above US$1,800 per tonne overnight with support from trade optimism. LME aluminium is likely to trade at US$1,700-1,810 per tonne today.
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As on November 7, Thursday, LME aluminium cash (bid) price stood at US$ 1817 per tonne, LME official settlement price stands at US$ 1817.50 per tonne; 3-months bid price stands at US$ 1807 per tonne, 3-months offer price is US$ 1808 per tonne; Dec 20 bid price stands at US$ 1880 per tonne, and Dec 20 offer price stands at US$ 1885 per tonne.
The LME aluminium opening stock dropped to 945475 tonnes. Live Warrants totalled at 782800 tonnes, and Cancelled Warrants were 162675 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1798.50 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) rose to US$ 2025 per tonne today November 8, 2019.
The most traded SHFE 1912 contract recovered from earlier losses and closed at RMB13,980 per tonne. That was up 0.18%. It has yet to shrug off resistance at the 40-day moving average, and saw a wider discount of over RMB200 per tonne against the 1911 contract. The most-liquid SHFE December contract hit a high of RMB14,115 per tonne and pared some gains to close higher on the day at RMB13,985 per tonne. Trading range of the contract is seen at RMB13,900-14,050 per tonne.
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