
Three-month LME aluminium rallied from a new four-year trough of US$ 1,481 per tonne touched in North American trading hours, finishing the day higher at US$ 1,504 per tonne. The build-up of long positions primarily accounted for the gains on the day. LME aluminium is expected to continue to trade at US$ 1,480 per tonne to US$ 1,530 per tonne today.

As of Thursday, April 2, both LME aluminium cash (bid) price and LME official settlement price declined from US$ 1463.50 per tonne to US$ 1448.50 per tonne. 3-months bid price and 3-months offer price slipped to US$ 1482.50 per tonne from US$ 1498 per tonne, while Dec 21 bid price and Dec 21 offer price stood at US$ 1618.50 per tonne.
The LME aluminium opening stock stood at 1210475 tonnes. Live Warrants totalled at 1062750 tonnes, and Cancelled Warrants 147725 tonnes.
LME aluminium 3-months Asian Reference Price hovered at US$ 1499.18 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE increased from US$1590 per tonne to US$1628 per tonne on Friday, April 3, 2020.
The most-active SHFE June contract received little support from the rebounded oil prices, as oversupply continued to weigh on sentiment, ending the contract down 0.56 per cent on the day at RMB 11,475 per tonne. SMM data showed that social inventories of primary aluminium in China continued to expand 9,000 tonnes this week. Trading range of the contract is expected to be at RMB 11,220 per tonne to RMB 11,620 per tonne on Friday.
The most active SHFE 2005 contract is expected to rise to RMB 11,400 per tonne to RMB 11,700 per tonne. Spot discounts are seen smaller at RMB 40-20 per tonne.
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