
The US dollar fell to a low not seen since January 11 after the Federal Reserve held interest rates steady as expected and sounded caution on the economy and future interest rate increases. LME aluminium rose 0.4% and SHFE aluminium nudged up 0.04%.
LME aluminium closed Wednesday's trading at US$ 1871 per tonne. Shanghai Metals Market is expected to trade rangebound at US$1880-1919 per tonne today.
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As on January 30, LME aluminium cash (bid) price stood at US$ 1870.50 per tonne, LME official settlement price stands at US$ 1871 per tonne; 3-months bid price stands at US$ 1889 per tonne, 3-months offer price is US$ 1890 per tonne; Dec 19 bid price stands at US$ 2038 per tonne, and Dec 19 offer price stands at US$ 2043 per tonne.
The LME aluminium opening stock decreased to 1289775 tonnes. Live Warrants totalled at 756150 tonnes, and Cancelled Warrants were 533625 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1890.50 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2004 per tonne today from US$ 2001 on January 30.
A lack of support from fundamentals lowered the SHFE 1903 contract from a high of RMB13,525 per tonne in the first trading session for the morning. Prices stemmed decline at the RMB 13,440 per tonne level in the afternoon. It lost part of the overnight gains, to close at RMB 13,460 per tonne.
The SHFE 1903 contract pared most of earlier gains overnight and is expected to hover at RMB13,400-13,540 per tonne today with spot discounts at RMB90-50 per tonne.
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