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04 DECEMBER 2017 AL CIRCLE

LME aluminium rises slightly supported by strong manufacturing data from Europe, Asia

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium climbed higher on Friday, December 1, supported by the encouraging manufacturing data from most of Europe and Asia. The light metal which had closed at US$2,033 per tonne on Thursday, December 30, rose by about half a dollar to close at US$2,046.50 per tonne on Friday. It is unlikely that LME aluminium will be able to hold on to this gain. There are possibilities that aluminium price will again decline; and even if there is any rise, it will be limited within a narrow range.

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As on December 1, LME official cash buyer aluminium price (Bid Price) stands at US$2,046 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,046.50 per tonne, 3M Bid Price is US$2,060 per tonne, 3M Offer Price is US$2,062 per tonne, Dec1 Bid Price is US$2,110 per tonne, and Dec1 Offer Price is US$2,115 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1108900 tonnes, total Live Warrants is 874775 tonnes, and Cancelled Warrant is 234125 tonnes.   

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2,160 per tonne on December 1, to US$2,149 per tonne on December 4.  

In China domestic market, aluminium prices on Shanghai Futures Exchange registered an objective rise. SHFE aluminium price movement on December 1 is represented by SMM as below:

Today, on December 4, aluminium spot price is likely to rise. Hence, Shanghai Metals Market recommends downstream enterprises to replenish their stocks at low price level. In the medium term, aluminium price may retrace lows again and rise within a narrow range.

This week SHFE Aluminium is expected to range between RMB 14,400-14,800 per tonne, SMM forecasts.


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EDITED BY : DIPANWITA GUPTA 2MINS READ

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