
The US dollar index, which tracks the greenback against a basket of its peers, dropped below the 100 mark and suffered the biggest one-day loss in six weeks on the jump in oil prices and gains in stocks.
Three-month LME aluminium advanced 2.74 per cent to a one-week peak of US$ 1,500 per tonne on Monday. It is expected to move between US$ 1,480 per tonne and US$ 1,520 per tonne today.
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After recording downfall each day last week, LME aluminium cash (bid) price and LME official settlement price began this week, on Monday, May 18, with a rise of US$ 9 per tonne from May 15 to stand at US$ 1441.50 per tonne. 3-months bid price and 3-months offer price also increased by US$ 9 per tonne from US$ 1467 per tonne on May 15 to US$ 1476 per tonne on May 18. Dec 21 bid price and Dec 21 offer price hovered at US$ 1603.50 per tonne compared to US$ 1596 per tonne on the previous day.
The LME aluminium opening stock, on the other hand, decreased on May 18 from 1419675 tonnes on May 15 to 1414475 tonnes. Live Warrants continued at 1185500 tonnes, while Cancelled Warrants dipped to 228975tonnes.
LME aluminium 3-months Asian Reference Price hovered at US$ 1468.60 per tonne, down US$ 12.9 per tonne from May 15.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE climbed by US$ 42 per tonne from US$ 1821 per tonne on Monday, May 18, to US$ 1863 per tonne on Tuesday, May 19.
The most-liquid SHFE July contract hit its highest level in nearly two months, at RMB 12,830 per tonne, before it finished the day 1.59 per cent higher at RMB 12,760 per tonne. The SHFE June contract was RMB 315 per tonne higher than the July contract at closing, as compared with a price spread of RMB 250 per tonne last Friday. Tonight, pressure above from RMB 13,000 per tonnes for the July contract will be monitored.
The most active SHFE July contract notched a two-month peak of RMB 12,920 per tonne in overnight trading, before closing up 1.42 per cent at RMB 12,865 per tonne. With wider discounts against the June contract and firm spot premiums, the July contract is expected to move at RMB 12,700-13,000 per tonne today.
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