LME aluminium price recorded a fall of US$10/t; SHFE continued to decline to RMB13,580/t

The US dollar declined last Friday as downbeat US economic data grew concerns that the coronavirus outbreak has taken a toll on the US economy. 

Three-month LME aluminium pared some losses after it broke down US$ 1,710 per tonne, ending 0.06% lower on the day at US$ 1,711 per tonne. A softened US dollar is expected to keep LME aluminium between US$ 1690 per tonne and US$ 1730 per tonne.

As of Friday, February 21, LME aluminium cash (bid) price stood at US$ 1676 per tonne after declining significantly by US$ 10 per tonne from the previous day, while LME official settlement price dropped to US$ 1677 per tonne from US$ 1687 per tonne. 3-months bid price came in at US$ 1702 per tonne and 3-months offer price at US$ 1703 per tonne. Dec 21 bid price stood at US$ 1833 per tonne and Dec 21 offer price at US$ 1838 per tonne.

The LME aluminium opening stock decreased from 1150775 tonnes to 1138975 tonnes, as of February 21. Live Warrants totalled at 805725 tonnes and Cancelled Warrants 333250 tonnes.

LME aluminium 3-months Asian Reference Price hovered at US$ 1705.50 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE continued to decline on Monday, February 24, from US$ 1,937 per tonne to US$ 1917 per tonne.

The most-active SHFE 2004 contract extended its decline, losing 0.69% on the day to end at RMB 13,580 per tonne, lowest close since February 4.

The most-traded SHFE contract is likely to range between RMB 13,400 per tonne and RMB 13,700 per tonne.