
The US dollar on Monday, February 10, rose to a four-month peak against the euro, but eased off on the subsequent day. However, on February 12 and 13, it again increased, as investors expressed confidence that the novel coronavirus outbreak would be contained soon.
Three-month LME aluminium dropped and finished the Monday session at US$ 1,707 per tonne. On Tuesday, it rallied 1.87 per cent to end at US$ 1,739 per tonne. On Thursday, it advanced to a two-week high before it finished the trading day 1.15 per cent higher at US$ 1,755 per tonne.
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LME aluminium cash (bid) price throughout the week during February 10-14 showed a growing trend, ranging between US$ 1,675.5 per tonne and US$ 1704 per tonne. Only on Thursday, February 13, the price recorded a steep decline from US$ 1,706.5 per tonne to US$ 1,701 per tonne. The LME official settlement price hovered between US$ 1,676 per tonne and US$ 1704.5 per tonne. 3-months bid price started the week at US$ 1704 per tonne and rose to US$ 1,733 per tonne by the end, as of Friday, February 14, while 3-months offer price rallied from US$ 1,705 per tonne to US$ 1,734 per tonne. December 21 price stood also grew from US$ 1,835 per tonne to US$ 1,863 per tonne and December 21 offer price from US$ 1,840 per tonne to US$ 1,868 per tonne.
The LME aluminium opening stock decreased over the week from 1229700 tonnes, as of February 10, to 1206450 tonnes, as of February 14. Live Warrants dropped from 8822600 tonnes to 824150 tonnes, while Cancelled Warrants from 407100 tonnes to 382300 tonnes.
LME aluminium 3-months Asian Reference Price slipped from US$ 1729.87 per tonne to US$ 1740.17 per tonne.
SHFE Aluminium Price Trend
The most-active SHFE 2003 contract also recorded downfall, especially towards the end of the week, primarily attributing to the outbreak of Nobel Coronavirus. On Monday, February 10, the contract gained by 0.48 per cent to RMB 13,725 per tonne, which on Tuesday slipped to US$ 13,715 per tonne, but rebounded to its highest to RMB 13,840 per tonne. On February 13 and 14, the contract fell to RMB 13,745 per tonne and RMB 13,705 per tonne, as uncertainty lingered over the economic impact of a coronavirus outbreak.
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