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01 NOVEMBER 2019 AL CIRCLE

LME aluminium recovered losses last night after dipping low over the day; SHFE continues its flat trend

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar fell against a basket of major currencies, reversing earlier gains. The dollar index, which tracks the greenback against a basket of other currencies, fell 0.16% and ended at 97.31. LME base metals and the SHFE complex mostly fell. LME aluminium gained 0.46% and SHFE aluminium edged slightly lower.

LME aluminium regained losses last night after trading lower over the day. Three-month LME aluminium recovered after dipping to a low of US$1,733 per tonne, ending slightly higher overnight at US$1,759 per tonne, while bleak global growth outlook depressed most base metals. Three months LME aluminium is likely to trade in a range of US$1,730-1,770 per tonne. 

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As on October 31, Thursday, LME aluminium cash (bid) price stood at US$ 1742 per tonne, LME official settlement price stands at US$ 1742.50 per tonne; 3-months bid price stands at US$ 1745 per tonne, 3-months offer price is US$ 1747 per tonne; Dec 20 bid price stands at US$ 1827 per tonne, and Dec 20 offer price stands at US$ 1832 per tonne.

The LME aluminium opening stock dropped to 959050 tonnes. Live Warrants totalled at 788775 tonnes, and Cancelled Warrants were 170275 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1753 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) has dropped slightly to US$ 2006 per tonne today, 1 November 2019.

Under pressure from the 20-day moving average, the most traded SHFE 1912 contract oscillated in a close range during the day, and closed a tad firmer at RMB13,840 per tonne. It is expected to continue to hover in a RMB 200 per tonne range. The December contract continued to move sideways with support from RMB13,770 per tonne overnight. It is seen trading between RMB 13,750 and13,900 per tonne today.


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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