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21 OCTOBER 2020 AL CIRCLE

LME aluminium price decreased to $1826/t on aluminium opening stock rally, SHFE price slipped by $2/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Three-month LME aluminium weakened 0.33 per cent to end at US$ 1,839.5 per tonne on Tuesday, October 20, and is likely to fluctuate between US$ 1,820-1,860 per tonne today.

LME aluminium price decreased to $1826/t on aluminium opening stock rally

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LME aluminium cash (bid) price and LME official settlement price decreased for the second consecutive day from US$ 1848 per tonne to US$ 1826 per tonne, as of Tuesday, October 20. 3-months bid price and 3-months offer price stood at US$ 1844 per tonne, down by US$ 15 per tonne from US$ 1859 per tonne on October 19. Dec 21 bid price and Dec 21 offer price declined from US$ 1911 per tonne to US$ 1902.50 per tonne.

The LME aluminium opening stock increased from 1406550 tonnes to 1421500 tonnes. Live Warrants stood at 1199300 tonnes, while Cancelled Warrants at 222200 tonnes.

LME aluminium 3-months Asian Reference Price came in at US$ 1847.58 per tonne, as of October 20.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE inched down from US$ 2208 per tonne to US$ 2206 per tonne on Wednesday, October 21, 2020.

The most-liquid SHFE 2011 aluminium contract slid to a session low of RMB 14,725 per tonne and closed 0.57 per cent lower at RMB 14,750 per tonne. Open interest fell 4,495 lots to 128,000 lots. Inventory changes, supply delivery speed, and consumption growth are the main concerns in the fourth quarter. In addition, macro fluctuations before the US election will also affect aluminium prices in the near term.

global-bauxite-industry-insights

The most-liquid SHFE 2011 aluminium contract slipped 0.54 per cent to close at RMB 14,690 per tonne in overnight trading, and is expected to move between RMB 14,500-14,900 per tonne today.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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