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30 APRIL 2018 AL CIRCLE

LME aluminium saw the biggest weekly drop in recent times last week despite closing higher on Friday April 27

EDITED BY : BEETHIKA BISWAS 2MINS READ

Benchmark aluminium price on London Metal Exchange increased to close at US$2249 per tonne on Friday, April 27, up from the previous day’s close at US$ 2204 per tonne on Thursday April 26.

LME Aluminium lost about 8.2 per cent over last week, having fallen sharply on Monday and Tuesday with the extension of the sanctions on Rusal.  This has initiated the biggest weekly drop since August 2011, although it is still up 13.1 per cent in April due to Rusal issues, the best since September 2010.

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London aluminium prices started edging lower on Friday after a 1.3 per cent jump in the previous session, as US sanctions on Russian producer Rusal continued to haunt the trader community. Three-month aluminium on the London Metal Exchange was down 0.4 per cent at $2,265 a tonne by 0717 GMT, having risen by as much as 0.9 per cent earlier in the session. 

Both the contracts closed higher on Friday’s closing and most of the base metals remained rangebund before the pre-Labour Day weekend.  

As on April 27, LME aluminium cash (bid) price stands at US$ 2,248 per tonne, LME official settlement price stands at US$ 2,249 per tonne; 3-months bid price stands at US$ 2247 per tonne, 3-months offer price is US$ 2248 per tonne; Dec 19 bid price stands at US$ 2215 per tonne, and Dec 19 offer price stands at US$ 2220 per tonne. 

The LME aluminium opening stock stood at 1349950 tonnes. Live Warrants totalled at 930125 tonnes, and Cancelled Warrants were 419825 tonne.

LME aluminium 3-months ABR price is hovering high at US$ 2261per tonne. 

SME and SHFE Aluminium Price Trend

China market will be closed for two days due to Labour Day Holiday. The most-traded June aluminium contract on the Shanghai Futures Exchange ended 0.5 per cent higher at RMB 14,480 ($2,283.91) per tonne. It has dropped 3.7 per cent this week, but gained 4.8 per cent in April.

 

Tagged with:

Price LME RUSAL

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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