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28 NOVEMBER 2017 AL CIRCLE

LME aluminium rises, but slowly; short-term volatility to continue

EDITED BY : DIPANWITA GUPTA 2MINS READ

The slow-paced uptrend in LME aluminium is continuing. The light metal contract having risen from the monthly low of US$2,062 per tonne on November 21, neared US$2,110 per tonne yesterday. It closed at US$2,109.50 per tonne after night trading on Monday, November 27.

Current price scenario, raw material price trends, and weak US dollar index suggest that LME aluminium will keep volatile within a narrow range in the short term. In the mid-term, it may again stage a reversal and move downward below US$2,100 per tonne mark.

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As on November 27, LME official cash buyer aluminium price (Bid Price) stands at US$2,109 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,109.50 per tonne, 3M Bid Price is US$2,123 per tonne, 3M Offer Price is US$2,124 per tonne, Dec1 Bid Price is US$2,170 per tonne, and Dec1 Offer Price is US$2,175 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1122700 tonnes, total Live Warrants is 893150 tonnes, and Cancelled Warrant is 229550 tonnes.   

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has dropped further from US$2,237 per tonne on November 27, to US$2,209 per tonne on November 28.  

In China domestic sector, aluminium prices on Shanghai Futures is keeping volatile. SHFE aluminium price movement as on November 27 was as follows:

SHFE Aluminium

Source: www.metal.com

Shanghai Metals Market predicts that volatility will extend in the short term, and SHFE aluminium may even move downward in the medium term.  

Tagged with:

LME Price Inventory Aluminium

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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