
LME aluminium shows some positive gain after a drop last Friday. LME aluminium closed at US$2069 per tonne on Friday March 16, up from US$2062 per tonne on Thursday March 15. LME aluminium gradually fell with resistance at the $2,100 per tonne level, according to Shanghai Metals Market. SMM expects the contract to trade at US$2,075-2,095 per tonne.

As on March 16, LME aluminium cash (bid) price stands at US$ 2068 per tonne, LME official settlement price stands at US$ 2069 per tonne; 3-months bid price stands at US$ 2088 per tonne, 3-months offer price is US$ 2088.50 per tonne; Dec 19 bid price stands at US$ 2138 per tonne, and Dec 19 offer price is US$ 2143 per tonne.
The LME aluminium opening stock has dropped to 1306150 tonnes. Live Warrants totalled at 1058650 tonnes, and Cancelled Warrants were 247500 tonne.
LME aluminium 3-months ABR price is hovering at US$ 2091.97 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange dropped from US$ 2171 per tonne on March 16 to US$ 2167 per tonne on March 19, while the market is worried over growing inventory and trade tensions between China and the U.S.
According to SMM, SHFE aluminium climbed up slowly and hovered around the RMB 14,000 per tonne, with a trading range of RMB 13,950-14,150 per tonne. Spot discounts are seen at RMB 170-130 per tonne.
Base metals are seen to remain rangebound after a drop under the pressure of a stronger US dollar. Investors would also look out for what comes out of the G20 Summit in Argentina.
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