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18 JANUARY 2020 AL CIRCLE

LME aluminium recorded relentless hikes this week on incessant stock decline; SHFE aluminium showed a steady trend

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

After a little ease last week, on Friday, January 10, on the news of the Trump administration imposing fresh sanctions on Iran and weaker-than-expected US jobs data, the US dollar on Monday, January 13, began the week steadily and continued to remain so the next day. However, on Wednesday and Thursday, January 15 and 16, it fell to a one-week low, as the US and China signed a deal to roll back some tariffs.

Three-month LME aluminium began the week retreating to its lowest in more than a week at US$ 1,788.5 per tonne. LME aluminium gave back all the gains from the previous two days, as was expected to trade between US$ 1,780 per tonne and US$ 1,810/ per tonne on January 14. On January 15, LME aluminium closed higher at US$1,778.5 per tonne, while three-month LME aluminium ended at US$1,800 per tonne, 0.44% weaker. Next day, on Thursday, three-month LME aluminium climbed to a one-week high of US$ 1,818 per tonne, before it finished the trading day 0.5 per cent firmer at US$ 1,809 per tonne.

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Weekly LME & SHFE

LME aluminium cash (bid) price stood at US$ 1766 per tonne on Monday, January 13, after being dropped from US$1770 per tonne, while LME settlement price at US$ 1766.5 per tonne, down from US$1770.50 per tonne. However, the next day, on January 14, LME aluminium cash (bid) price rebounded to US$ 1767 per tonne, while LME official settlement price to US$ 1767.5 per tonne. The hike in LME aluminium cash (bid) price and LME official settlement price continued until they came in at US$ 1795.50 per tonne and US$ 1796 per tonne respectively on Friday, January 17.

LME aluminium opening stock dropped throughout the week ranging from 1396550 tonnes, as of Monday, January 13, to 1340725 tonnes, as of Friday, January 17.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) began the week with a growth to US$2099 per tonne, followed by two days of restraint. On Thursday, January 16, the price declined to US$2051 per tonne, but on Friday rallied by US$ 49 per tonne to US$ 2100 per tonne.

Tagged with:

Aluminium Price LME

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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