LME aluminium recovered from the two year's low yesterday; likely to trade rangebound today
US dollar continued to stay strong and hovered just below 98 last night. Most of the LME base metals saw a tumbling session on Wednesday but recovered to a certain extent on Thursday. Aluminium stock in the LME registered warehouses registered a rise yesterday. The LME aluminium price, however, shrugged off the stocks increase, rising 0.1 per cent to end at $1,816 a tonne after its plunge on Wednesday to its weakest in more than two years.
The United States and China are likely to close a trade deal that would roll back a portion of the US$250 billion in U.S. tariffs on Chinese goods. U.S. Treasury Secretary Steven Mnuchin also indicated about “productive” talks in Beijing. Both LME cash and 3 month price registered a rise yesterday. The LME benchmark price is likely to trade within a range of US$ 1795 to US$ 1810 per tonne.
As on May 2, LME aluminium cash (bid) price stood at US$ 1799.50 per tonne, LME official settlement price stands at US$ 1800.50 per tonne; 3-months bid price stands at US$ 1816.50 per tonne, 3-months offer price is US$ 1817.50 per tonne; Dec 20 bid price stands at US$ 1935 per tonne, and Dec 20 offer price stands at US$ 1940 per tonne.
The LME aluminium opening stock stood at 1227650 tonnes. Live Warrants totalled at 873000 tonnes, and Cancelled Warrants were 354650 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1824 per tonne.
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