
LME aluminium registered gain after a drop on Monday. Benchmark aluminium price on London Metal Exchange increased to close at US$2258 per tonne on Tuesday, May 1, up from the previous day’s close at US$ 2224 per tonne on Monday April 30. SMM expects LME aluminium to trade rangebound at US$2,235-2,270 per tonne today if there is no further development on the Rusal sanctions.

As on May 1, LME aluminium cash (bid) price stands at US$ 2257.50 per tonne, LME official settlement price stands at US$ 2258 per tonne; 3-months bid price stands at US$2252 per tonne, 3-months offer price is US$ 2253 per tonne; Dec 19 bid price stands at US$2238 per tonne, and Dec 19 offer price stands at US$ 2243 per tonne.
The LME aluminium opening stock stood at 1325925 tonnes. Live Warrants totalled at 925250 tonnes, and Cancelled Warrants were 400675 tonne.
LME aluminium 3-months ABR price is hovering low at US$2245.73 tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange dropped from US$ 2278 per tonne on April 27 to US$ 2253 per tonne on May 2.
As SHFE aluminium’s five-, 20-, 40- and 60-day moving averages moved towards one another and developed trading ranges, SMM expects the contract to trade at RMB 14,350-14,550 per tonne with spot discounts at RMB 100-60 per tonne.
The US dollar is likely to remain rangebound at highs today.
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