
The US dollar fell to its lowest in more than a month against a basket of rivals on Tuesday as stocks on Wall Street gained.
Three-month LME aluminium eased 0.44 per cent to US$1,682.5 per tonne on Tuesday in choppy trading. It is likely to move between $1,670-1,710 per tonne today.
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As of Tuesday, July 14, LME aluminium cash (bid) price and LME official settlement price decreased from US$ 1664.50 per tonne to US$ 1640 per tonne. 3-months bid price and 3-months offer price stood at US$ 1675 per tonne, down by US$ 20.5 per tonne from US$ 1695.50 per tonne on the previous day. Dec 21 bid price and Dec 21 offer price came in at US$ 1757 per tonne compared to US$ 1779 per tonne on Monday, July 13.
The LME aluminium opening stock declined from 1674900 tonnes to 1669550 tonnes. Live Warrants hovered at 1408650 tonnes, while Cancelled Warrants at 260900 tonnes.
LME aluminium 3-months Asian Reference Price stood at US$ 1682.69 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE decreased for the second consecutive day to stand at US$ 2118 per tonne on Wednesday, July 15, 2020.
The most-liquid SHFE August contract gave up gains from Monday and fell to a session low of RMB 14,465 per tonne, before it pared some losses and closed 1.13 per cent lower on the day at RMB 14,485 per tonne. Open interest fell 6764 lots to 142136 lots as investor covered their longs. Fundamentals may remain supportive of aluminium prices tonight.
The most-liquid SHFE August contract slipped 0.89 per cent to close at RMB 14,450 per tonne in overnight trading. Low social inventories in China will remain supportive of SHFE aluminium. The SHFE August contract is expected to move between RMB 14,300-14,700 per tonne today.
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