
US dollar fell for four straight trading days, and recorded a new low since August 7 of 92.76 on Monday as weak results from a regional manufacturing survey added to doubts sowed by grim data last week that the US recovery is on shaky grounds.
Three-month LME aluminium closed 0.92 per cent firmer at US$ 1,757 per tonne on Monday. Open interest fell 1,440 lots to 807,000 lots. It is likely to move between US$ 1,735-1,765 per tonne today.
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As of Monday, August 17, LME aluminium cash (bid) price and LME official settlement price continued to decline for the second consecutive day to US$ 1719.50 per tonne from US$ 1730 per tonne. 3-months bid price and 3-months offer price stood at US$ 1757 per tonne, down by US$ 9 per tonne from US$ 1766 per tonne. Dec 21 bid price and Dec 21 offer price came in at US$ 1834 per tonne.
The LME aluminium opening stock decreased further to stand at 1588325 tonnes. Live Warrants hovered at 1348400 tonnes, while Cancelled Warrants at 239925 tonnes.
LME aluminium 3-months Asian Reference Price stood at US$ 1757.72 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE increased to stand at US$ 2081 per tonne on Tuesday, August 18, following two days of decline from US$ 2091 per tonne to US$ 2077 per tonne on August 14 and 17.
The most-liquid SHFE 2009 aluminium contract finished the day 0.28 per cent higher at RMB 14,405 per tonne. Open interest lost 4,223 lots to 114,000 lots. The contract is expected to move range-bound in the short term.
The most-active SHFE 2009 aluminium contract advanced 0.42 per cent to close at RMB 14,395 per tonne in overnight trading. The August contract expired on Monday, with total delivery of 61,300 tonnes. The September contract is likely to move between RMB 14,250-14,550 per tonne today, while spot premiums are seen higher at RMB 100-120 per tonne.
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