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17 APRIL 2020 AL CIRCLE

LME aluminium price increased to $1476/t amidst one-week high US dollar; SHFE expanded to $1715/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

The US dollar rose to a one-week high on Thursday as investors continued to search for safe haven following gloomy US jobless data. The dollar index, which tracks the greenback against a basket of other currencies, added 0.28 per cent and ended at 99.9.

LME aluminium price increased to $1476/t amidst one-week high US dollar

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As of Thursday, April 16, both LME aluminium cash (bid) price and LME official settlement price increased by US$ 6.5 per tonne to US$ 1476 per tonne. 3-months bid price and 3-months offer price also grew by US$ 6.5 per tonne to come in at US$ 1514 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1647 per tonne.

The LME aluminium opening stock stood at 1261475 tonnes, compared to 1261550 tonnes on Wednesday, April 15, meaning it remained flat. Live Warrants totalled at 1137900 tonnes and Cancelled Warrants 123575 tonnes.

LME aluminium 3-months Asian Reference Price hovered at US$ 1516.02 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE expanded further to US$ 1715 per tonne on Friday, April 17, from US$ 1693 per tonne on Thursday, April 16.

Industry 4.0 in Aluminium

The most-traded SHFE June contract extended its rally, notching a fresh nearly one-month high of RMB 12,125 per tonne before closing the day 1.47 per cent higher at RMB 12,085 per tonne. Today’s gain, following a more than 1.5 per cent jump on Wednesday, was primarily bolstered by short-covering as demand in China is recovering as expected and liquidity crunch has eased. The contract is expected to hover between RMB 12,000 per tonne and RMB 12,150 per tonne today.

Tagged with:

Price Aluminium LME China

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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