
The US dollar was slightly higher on Monday as plunged oil prices weighed on oil-linked currencies and as investors braced for a tough quarter ahead. Investors also awaited the outcome of a European Union summit this week on how to tackle economic fallout from the coronavirus crisis. The dollar index, which tracks the greenback against a basket of other currencies, climbed 0.24 per cent and ended at 99.902.
Three-month LME aluminium closed flat on the day (Monday) at US$ 1,505 per tonne, after dipping to a session low at US$ 1,487 per tonne. Weak fundamentals and chaos in oil markets will likely depress LME aluminium to US$ 1,480-1,515 per tonne today.
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As of Monday, April 20, both LME aluminium cash (bid) price and LME official settlement price have recorded a sharp decline of US$ 31 per tonne to stand at US$ 1451.50 per tonne. 3-months bid price and 3-months offer price have decreased by US$ 30 per tonne to come in at US$ 1490 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1617 per tonne, down by US$ 31 per tonne from US$1648 on Friday, April 17.
The LME aluminium opening stock increased from 1259150 tonnes to 1300950 tonnes. Live Warrants totalled at 1184175 tonnes and Cancelled Warrants 116775 tonnes.
LME aluminium 3-months Asian Reference Price hovered at US$ 1510.81per tonne.
SHFE Aluminium Price Trend
Extending the rise for the fourth consecutive day since the decline from US$ 1672 per tonne to US$ 1670 per tonne a week ago, the benchmark aluminium price for SHFE came in at US$ 1752 per tonne, as of Tuesday, April 21. The price rose by US$ 37 per tonne from US$ 1715 per tonne on Monday, April 20.
The most-traded SHFE June contract refreshed its one-month high at RMB 12,460 per tonne in the morning trade, before it relinquished some of those gains to end the day 0.69 per cent higher at RMB 12,340 per tonne. SHFE aluminium appeared to take a breather after registering its biggest percentage weekly gain since August 2017.
The most-traded SHFE contract could also pull back and trade between RMB 12,050-12,350 per tonne today.
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