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08 NOVEMBER 2017 AL CIRCLE

LME aluminium retreats downward after testing support at US$2,148/t

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium is likely to enter consolidation before it rises again. The light metal contract upon testing a support at US$2,148 per tonne fell to US$2,131 per tonne after night trading on Tuesday, November 7. The earlier close was at US$2,152 per tonne on November 6.

Reuters’ technical analysis suggests that LME aluminium may break a support at US$2,125 per tonne and drop further to the next support at US$2,103 per tonne in the near term.

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As on November 7, LME official cash buyer aluminium price (Bid Price) stands at US$2,130 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,131 per tonne, 3M Bid Price is US$2,150 per tonne, 3M Offer Price is US$2,150.50 per tonne, Dec1 Bid Price is US$2,195 per tonne, and Dec1 Offer Price is US$2,220 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1177050 tonnes, total Live Warrants is 933725 tonnes, and Cancelled Warrant is 243325 tonnes.                              

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2,404 per tonne on November 7, to US$2,362 per tonne on November 8.  

In China domestic market, aluminium price is keeping weak and volatile. The latest SHFE aluminium price movement is as follows:

Further downtrend is expected for SHFE aluminium contracts after repetition around RMB 16,000 per tonne. Appropriate short selling within short term is practicable, Shanghai Metals Market advised.

Tagged with:

LME Price Inventory Aluminium

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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