LME aluminium recorded steep decline on continuous US dollar rise; SHFE fell too for the second consecutive day
The US dollar continued to rise on Thursday as investors expressed confidence that the novel coronavirus outbreak will be contained soon.
Three-month LME aluminium advanced to a two-week high before it finished the trading day 1.15 per cent higher at US$ 1,755 per tonne. Falling inventories across LME-listed warehouses supported the prices. Today, LME aluminium is seen hovering at US$ 1,720-1,760 per tonne, with the most-liquid SHFE contract at RMB 13,600-13,800 per tonne.
As on Thursday, February 13, LME aluminium cash (bid) price declined straight from US$ 1706.5 per tonne to US$ 1701.00 per tonne, while LME official settlement price from US$ 1707 per tonne to US$ 1701.50 per tonne. 3-months bid price came in at US$ 1727.00 per tonne and 3-months offer price at US$ 1727.50 per tonne. Dec 21 bid price stood at US$ 1858.00 per tonne and Dec 21 offer price at US$ 1863.00 per tonne.
The LME aluminium opening stock extended decline to 1221000 tonnes from 1232200 tonnes in the previous day. Live Warrants totalled at 834150 tonnes and Cancelled Warrants 386850 tonnes.
LME aluminium 3-months Asian Reference Price hovered at US$ 1728.50per tonne.
SHFE Aluminium Price Trend
The SHFE 2003 contract fell for the second straight day on Thursday, losing 0.44% on the day to end at RMB 13,705 per tonne. Two days of losses have taken the contract below all near-term moving averages, as delayed resumption of downstream aluminium processors weighed on investor sentiment and hampered upward momentum in prices.
Primary aluminium inventories in China record steep growth for second consecutive week after CNY
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