
The dollar edged up on Friday, reflecting investor confidence in the US economy, despite criticism by President Donald Trump of the Federal Reserve and a sell-off in US equities.
LME base metals ended mixed on Friday. LME aluminium contract gained after three consecutive falls and closed the day’s trading at US$ 2045 per tonne on Friday, October 12. LME aluminium retreated from early highs to close at US$2,030.5 per tonne overnight. Shanghai Metals Market expects LME aluminium to trade at US$2,010-2,050 per tonne today.
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The US Treasury announced on Friday that it would push back until December 12, 2018 a deadline to wind up contracts and business with Rusal, from the previous date of November 12. This is likely to weigh on aluminium prices today.
As on October 11, LME aluminium cash (bid) price stands at US$ 2044.50 per tonne, LME official settlement price stands at US$ 2045 per tonne; 3-months bid price stands at US$ 2047.50 per tonne, 3-months offer price is US$ 2048 per tonne; Dec 19 bid price stands at US$ 2093 per tonne, and Dec 19 offer price stands at US$ 2098 per tonne.
The LME aluminium opening stock dropped further to 933500 tonnes. Live Warrants totalled at 933500tonnes, and Cancelled Warrants were 933500 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 2037.58 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange decreased to US$ 2038 per tonne today from US$ 2055 per tonne on October 12.
SHFE nonferrous metals closed Friday up across the board. As global stock markets rebounded on Friday, longs buoyed the SHFE 1812 contract to an intraday high of RMB14,345 per tonne. The contract closed at RMB14,325 tonne on Friday. The SHFE 1812 contract fell to RMB14,280 tonne today after it climbed to a high of RMB14,375 per tonne on Friday night. Shanghai Metals Market expects the SHFE 1812 contract to trade at RMB 14,200-14,350 tonne with spot discounts at RMB60-20 per tonne.
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