
LME aluminium after falling for six days at a stretch settled slightly higher at US$1,886.50 per tonne after night trading on Wednesday, June 14, from the earlier close of US$1,877 per tonne. However, the ‘spike’ does seem to be extending into a ‘rise’ since fundamentals still look grim. Price trend suggests that LME aluminium will continue to hover at US$1,880-1,900 per tonne range in the short term.

As on June 14, LME official cash buyer aluminium price stands at US$1,886 per tonne, cash seller & settlement aluminium price is US$1,886.50 per tonne, 3M buyer price is US$1,895 per tonne, 3M seller price is US$1,896 per tonne, Dec1 buyer price is US$1,928 per tonne, and Dec1 seller price is US$1,933 per tonne. The current LME official Opening Stock of aluminium is estimated at 1438025 tonnes, total Live Warrants is 1031600 tonnes, and Cancelled Warrant is 406425 tonnes.
LME aluminium premiums, as on June 13, remain unchanged across major regions. LME Aluminium East-Asia Premium stands at US$110, LME Aluminium South-East Asia Premium remains unchanged at US$15, and LME Aluminium West-Europe Premium is static at US$85, and LME Aluminium US Premium remains unchanged at US$195 (per tonne).
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The benchmark aluminium price at Shanghai Metal Exchange (SME) has dropped to US$1,965 per tonne on Thursday, June 15, from US$1,997 per tonne on June 14.
At Shanghai Futures Exchange (SHFE), the most active aluminium future contract SHFE 1708 aluminium hit the lowest since January 13 at RMB 13,485 per tonne last night. SMM predicts that the contract will fall further in the range of RMB 13,450-13,650 per tonne on Thursday, weighed upon by the growing stocks and weak demand in the spot market.
Spot aluminium in east China market is expected to trade at discounts of RMB 50-10 per tonne over SHFE 1706 aluminium contract on Thursday, June 15.
The market focus will be on the US initial jobless claims for last week, New York and Philadelphia Fed manufacturing index for June, and US import & export price index for May on Thursday, June 15, SMM said.
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