
Base metals closed mixed with SHFE contracts rising for the most part. SHFE aluminium lost 0.14%, while LME aluminium slid 0.23%. LME aluminium was pressured by a strong US dollar as the Federal Reserve announced that it will maintain its monetary policy and indicated further gradual rate hikes.
LME aluminium closed Thursday’s trading at US$ 1977 per tonne. It slumped from a high of US$2,002 tonne to the lowest overnight at US$1,981per tonne. Shanghai Metals Market expects the contract trade at US$1,960-2,000 per tonne today.
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As on November 8, Tuesday, LME aluminium cash (bid) price stood at US$ 1975 per tonne, LME official settlement price stands at US$ 1977 per tonne; 3-months bid price stands at US$ 1981 per tonne, 3-months offer price is US$ 1982 per tonne; Dec 19 bid price stands at US$ 2045 per tonne, and Dec 19 offer price stands at US$ 2050 per tonne.
The LME aluminium opening stock rose to 1055025 tonnes. Live Warrants totalled at 735775 tonnes, and Cancelled Warrants were 319250 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1983 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 1997 per tonne today from US$ 2005 per tonne on November 8.
With pressure at RMB14,000 per tonne, the SHFE 1901 contract reversed its direction and lost some earlier gains to end at RMB13,945 per tonne. The market received some support from the news that Brazil court upheld partial shutdown at Hydro Alunorte alumina refinery.
The SHFE 1901 contract mostly consolidated within a narrow range above the Bollinger upper band overnight, and nudged up to settle at RMB13,955 per tonne. SMM expects the contract to trade at RMB13,900-14,000 per tonne today, with spot discounts at RMB60-20 per tonne.
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