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08 JUNE 2020 AL CIRCLE

LME aluminium price increased to US$1553.50/t as opening stock stood down; SHFE price edged higher at US$1919/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

The US dollar rose slightly last Friday after data showed the US labour market unexpectedly improved in May, but the currency ended the week lower, for a third consecutive week.

Uncertainties about the economic outlook and the possibilities of a second wave of the coronavirus infections capped the greenback’s gains.

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Three-month LME aluminium traded robustly with the support from longs, rising with the five- and 10- day moving averages during the Asian trading hours and ending at US$ 1592 per tonne on Friday, up 1.76 per cent on the day.

LME aluminium price increased to US$1553.50/t on June 5

On Friday, June 5, both LME aluminium cash (bid) price and LME official settlement price increased from US$ 1535 per tonne on June 4 to US$ 1553.50 per tonne. 3-months bid price and 3-months offer price, however, declined from US$ 1560.5 per tonne to US$ 1579 per tonne. Dec 21 bid price and Dec 21 offer price came in at 1689.50, up by US$ 17 per tonne from US$ 1672.50 per tonne.

The LME aluminium opening stock stood at 1521325 tonnes. Live Warrants totalled 1305725 tonnes, and Cancelled Warrants were 215600 tonnes.

LME aluminium 3-months Asian Reference Price hovered at US$ 1572.08 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE extended growth from US$ 1880 per tonne to US$ 1919 per tonne on Monday, June 8.

Energy Consumption in Aluminium Smelting

The most-liquid SHFE July contract broke up the five- and 10- day moving averages to hit a session high of RMB 13,225 per tonne, ending the day 0.08 per cent higher at RMB 13,180 per tonne. The further downtrend in domestic inventories of primary aluminium this week together with pessimistic demand prospects for June kept the contract above RMB 13,000 per tonne. The contract may continue to edge higher tonight with its LME counterpart. 

The most-liquid SHFE July contract also advanced RMB 95 per tonne on the day to end at RMB 13,275 per tonne, after rising to a session high of RMB 13,295 per tonne, as investors covered short positions and added longs. Trading range today is seen at RMB 13,100-13,350 per tonne with LME aluminium at US$ 1,570-1,600 per tonne. 

Tagged with:

Price LME Aluminium

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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