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25 JANUARY 2021 AL CIRCLE

LME aluminium price edged lower at US$1975.50/t after two consecutive days of hike; SHFE expanded to US$2310/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Three-month LME aluminium fell 0.28 per cent to close at US$ 1,994.50 per tonne on Friday, January 22, with open interest rising to 738,000 lots. It is expected to trade between US$1,920-2,030 per tonne today.

LME aluminium price edged lower at US$1975.50/t after two consecutive days of hike

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LME aluminium cash (bid) price and LME official settlement price decreased to US$ 1975.50 per tonne from US$ 1992.50 per tonne on Friday, January 22, after the two consecutive days of hike. 3-months bid price and 3-months offer price stood at US$ 1976 per tonne, down by US$ 18.50 per tonne from US$ 1977 per tonne on January 21. Dec 21 bid price and Dec 21 offer price hovered around US$ 2049 per tonne, registering a downfall of US$ 20 per tonne from the previous day.

The LME aluminium opening stock slipped to 1416775 tonnes from 1419250 tonnes. Live Warrants totalled 1250650 tonnes, while Cancelled Warrants stood at 166125 tonnes.

LME aluminium 3-months Asian Reference Price came in at US$ 1985.20 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE increased further, albeit slower than the previous day, to stand at US$ 2310 per tonne on Monday, January 25.

Global Aluminium Industry Outlook 2021

The most-active SHFE 2103 aluminium contract edged up 0.1 per cent to end the day at RMB 14,905 per tonne.

The most-liquid SHFE 2013 aluminium contract rose 0.77 per cent to settle at RMB 15,085 per tonne on Friday night, and is likely to trade between RMB 14,500-15,300 per tonne today. The overall consumption of aluminium downstream weakened. Recently, the transportation of aluminium ingots has been limited for a short time in the northwest region, and social inventories of aluminium ingots declined. It is expected that the aluminium ingots accumulated last week will arrive in this week, which will lift up social inventories. Aluminium prices were under pressure again. Spot premiums for the contract will be seen higher at RMB 90-120 per tonne.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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