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15 FEBRUARY 2019 AL CIRCLE

LME aluminium price drops 0.8%; SHFE to remain rangebound before the fundamentals improve

EDITED BY : HEENA IQBAL 2MINS READ

The US dollar index fell on Thursday, weighed by a string of disappointing US data, with retail sales recording their biggest drop in nine years in December. LME base metals, except for lead, traded lower on Thursday. LME aluminium dropped 0.8% and SHFE aluminium sank 0.3% overnight.

Benchmark aluminium price on London Metal Exchange was down at US$ 1829 per tonne on Thursday, February 14, from US$ 1840 per tonne on Wednesday. As the US dollar remains at highs, LME aluminium is expected to trade at US$1820-1870 per tonne today.

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As on February 14, LME aluminium cash (bid) price stood at US$ 1828.50 per tonne, LME official settlement price stands at US$ 1829 per tonne; 3-months bid price stands at US$ 1850 per tonne, 3-months offer price is US$ 1851 per tonne; Dec 19 bid price stands at US$ 1990 per tonne, and Dec 19 offer price stands at US$ 1995 per tonne.  

The LME aluminium opening stock decreased to 1273500 tonnes. Live Warrants totalled at 677325 tonnes, and Cancelled Warrants were 596175 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1865 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange declined to US$ 1964 per tonne today, from US$ 1974 per tonne yesterday.

An increase of nearly 900 lots in open interest across longs after opening pulled the SHFE 1903 contract to an intraday high of RMB13,440 per tonne in early trades on Thursday. Strong resistance above lowered it to lows around RMB13,360 per tonne, and ended it at RMB13,390 per tonne.

The SHFE 1903 contract closed lower at RMB13,345 per tonne overnight. The contract is expected to trade at RMB13,300-13,400 per tonne today.Spot prices are seen at discounts of RMB20 per tonne to premiums of RMB20 per tonne on the last trading day of the 1902 contract.

Tagged with:

Price LME China

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EDITED BY : HEENA IQBAL 2MINS READ

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