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04 OCTOBER 2017 AL CIRCLE

LME aluminium recovers recent losses and end higher, above US$2,000/t

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium reversed its temporary downtrend and edged higher to cross the US$2,000 per tonne mark. The light metal which retraced its September 18 lows of US$2,067 per tonne on Monday, October 2, increased to US$2,114 per tonne on Tuesday, October 3. A study of the recent price trend suggests that LME aluminium will continue to trade higher in the range of US$2,110-2,130 per tonne in the short term.

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The rise in the light metal contract price can be explained in the light of steady demand, low inventory level, and a falling crude oil. December U.S. Dollar Index futures though trading higher shortly before the regular session opening the market seems to have given up most of its earlier gains, suggesting the rally has run out of buyers, observed analyst James Hyerczyk, FX Empire (partner Nasdaq).

As on October 3, LME official cash buyer aluminium price (Bid Price) stands at US$2,114 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,114.50 per tonne, 3M Bid Price is US$2,126 per tonne, 3M Offer Price is US$2,126.50 per tonne, Dec3 Bid Price is US$2,170 per tonne, and Dec3 Offer Price is US$2,175 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1255475 tonnes, total Live Warrants is 1001000 tonnes, and Cancelled Warrant is 254475 tonnes.

In China, trading at Shanghai Futures Exchange remains suspended due to the Chinese National Day and Mid-Autumn holidays on October 1-8, 2017. Trading will resume on October 9, Shanghai Metals Market updated.

Tagged with:

LME Aluminium Price Inventory

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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