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11 JANUARY 2018 AL CIRCLE

LME aluminium registers small gain supported by falling US dollar; SHFE follows suit

EDITED BY : BEETHIKA BISWAS 2MINS READ

LME aluminium shows some positive gain after continuous drop and sees pressure at the five-day moving average and is expected to trade at $2,165-2,195/t. The light metal contract gained from US$ 2143.50 per tonne on January 9 to close at US$ 2159 per tonne on January 10.

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As on January 10, LME official cash buyer aluminium price (Bid Price) stands at US$ 2158.50per tonne, cash seller & settlement aluminium price (Offer price) is US$ 2159 per tonne, 3M Bid Price is US$ 2172.50 per tonne, 3M Offer Price is US$2173 per tonne, Dec1 Bid Price is US$ 2247 per tonne, and Dec1 Offer Price is US$2252 per tonne. LME aluminium opening stock stands at 1090525 tonnes, off substantially from the stock on last closing. Total Live Warrants stands at 848825 tonnes and Cancelled Warrants 241700 tonnes.

The Asian reference price for LME aluminium (3-months ABR) drops to US$ 2161.53 per tonne.

SME and SHFE updates

The benchmark aluminium price on Shanghai Metal Exchange (SME) has increased from US$ 2258 per tonne on January 10 to US$ 2290 per tonne on January 11. According to SMM, SHFE aluminium is supported at the RMB 15,000 /t level. Spot discounts are to move at RMB 170-130 /t today. The most-traded aluminium contracts were pulled higher by Wednesday's 1.4 per cent jump in London Metal Exchange.

As updated by shfe.com, on Shanghai Futures Exchange, the major SHFE aluminium contracts price movements on January 11 are as follows:

The dollar fell against the yen on Thursday, having suffered its biggest one-day drop in nearly eight months. The drop came after a report that China was ready to slow or halt its purchases of US Treasuries. Falling dollar is expected to give support to metal prices in the short term.

Tagged with:

LME Price Aluminium

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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