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02 MARCH 2018 AL CIRCLE

LME aluminium slips further; expected to trade higher today on aluminium tariff news

EDITED BY : BEETHIKA BISWAS 2MINS READ

As seen by Shanghai Metals Market LME aluminium is still under pressure from the strong US dollar and dropped to close at USD2143 per tonne on Thursday, March 1. LME aluminium rebounded and hit a high at $2,164.5 per tonne after US President Donald Trump announced that the country is to impose a 10% global tariff on aluminium. The contract is expected to trade higher today on positive sentiments.

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As on March 1, LME aluminium cash (bid) price stands at US$ 2142 per tonne, LME aluminium cash (offer) price stands at US$ 2143 per tonne; 3-months bid price stands at US$ 2136 per tonne, 3-months offer price is US$ 2138 per tonne; Dec 19 bid price stands at US$ 2173 per tonne, and Dec 19 offer price is US$ 2178 per tonne.

The LME aluminium opening stock today drops to 1322150 tonnes, Live Warrants totalled at 1093900 tonnes, and Cancelled Warrants were 228250 tonne.

LME aluminium 3-months ABR price is hovering at US$2,152 per tonne. 

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has slightly dropped from US$2228 per tonne on March 1 to US$2227 per tonne on March 2.

SHFE aluminium inched up to close at RMB 14,520 per tonne. SMM expects the SHFE aluminium 1805 contract to trade at RMB 14,400-14,580 per tonne today but with resistance at RMB 14,550 per tonne. Spot discounts are seen at RMB 160-120 per tonne. Following is the SHFE aluminium price movement on March 1, as updated by shfe.com.

SHFE aluminium went up on expectation of destocking in high season. SMM expects the prices to go up further in the short term even though inventory hit record high at over 2 million tonnes.

Tagged with:

Aluminium Tariff Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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