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30 NOVEMBER 2017 AL CIRCLE

LME aluminium sinks further taking heat out of the year’s 22% rally

EDITED BY : DIPANWITA GUPTA 2MINS READ

The rally in LME aluminium is not over yet, but the momentum has certainly vanished. The light metal contract which started November at US$2,188 per tonne has fallen by 5.7 per cent to stand at US$2,062 per tonne as on November 29. It seemed to have drawn little support from the encouraging manufacturing reports in China and Japan. Analysts opine that LME aluminium may fall further marking its biggest monthly loss since May 2016.

LME Aluminium

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As on November 29, LME official cash buyer aluminium price (Bid Price) stands at US$2,060 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,062 per tonne, 3M Bid Price is US$2,075 per tonne, 3M Offer Price is US$2,075.50 per tonne, Dec1 Bid Price is US$2,123 per tonne, and Dec1 Offer Price is US$2,128 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1113750 tonnes, total Live Warrants is 892425 tonnes, and Cancelled Warrant is 221325 tonnes.   

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has fallen further from US$2,185 per tonne on November 29, to US$2,144 per tonne on November 30.  

In China domestic market, aluminium prices in Shanghai Futures Exchange (SHFE) have dropped by more than 12 per cent this month. SHFE aluminium price movement as on November 29 is represented by SMM as below:

SHFE Aluminium

China’s manufacturing sector picked up growth in November much unexpectedly despite the recent crackdowns on polluting plants. The Official PMI of manufacturing industry showed 51.8 in November against an expected 51.4 and previous 51.6. Nevertheless, Shanghai Metals Market maintains a downward tendency for SHFE aluminium in the short to medium term.

Tagged with:

LME Price Inventory China SMM

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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