LME aluminium price ended lower at $1778.5/t, and so the price of SHFE at $2118/t

The US dollar bounced off two-year lows on Wednesday as US data pointed to a firm manufacturing activity. Economic data published on Tuesday showed US manufacturing activity accelerated to a nearly two-year high in August amid a surge in new orders, with the reading from the Institute for Supply Management (ISM) at its highest level since November 2018.

The LME complex traded mixed on Wednesday, with aluminium fell 1.54 per cent.

On Wednesday, September 2, LME aluminium cash (bid) price and LME official settlement price stood at US$ 1778.50 per tonne, declining by US$ 3 per tonne from US$ 1781.50 per tonne on Tuesday, September 1. 3-months bid price and 3-months offer price hovered at US$ 1815 per tonne verses US$ 1818 per tonne on the previous day. Dec 21 bid price and Dec 21 offer price came in at US$ 1890 per tonne.

The LME aluminium opening stock extended its decline to 1545575 tonnes. Live Warrants stood at 1321575 tonnes, while Cancelled Warrants at 224000 tonnes.

LME aluminium 3-months Asian Reference Price hovered at US$ 1820.80 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased further to stand at US$ 2118 per tonne on Thursday, September 3, 2020.

The most-liquid SHFE 2010 aluminium contract ended 0.45% lower at 14,505 yuan/mt today. Open interest increased 3,588 lots to 127,000 lots. The basis and the flow of funds will come under scrutiny.

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