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01 OCTOBER 2018 AL CIRCLE

LME aluminium slips on the back of strong US dollar; SHFE declines for four consecutive days

EDITED BY : HEENA IQBAL 2MINS READ

The dollar climbed to a two-week peak versus a currency basket on Friday, as concerns about the Italian budget weighed on the euro while the greenback drew support from an outlook for multiple US interest rate hikes until 2020.

LME base metals ended in mixed performance on Friday, September 28. Benchmark aluminium price on London Metal Exchange dropped further to close at US$ 2011.5 per tonne on Friday, September 28, from the previous day’s close at US$ 2030 per tonne on Thursday September 27.

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As on September 28, LME aluminium cash (bid) price stands at US$ 2011 per tonne, LME official settlement price stands at US$ 2011.50 per tonne; 3-months bid price stands at US$ 2033 per tonne, 3-months offer price is US$ 2034 per tonne; Dec 19 bid price stands at US$ 2087 per tonne, and Dec 19 offer price stands at US$ 2092 per tonne. 

The LME aluminium opening stock dropped to 990550 tonnes. Live Warrants totalled at 657775 tonnes, and Cancelled Warrants were 332775 tonne.

LME aluminium 3-months Asian Reference Price is hovering at US$ 2029.14 per tonne.

SME and SHFE Aluminium Price Trend

The Shanghai Futures Exchange is closed for the National Day Holiday. The exchange will reopen on Monday October 8.

SHFE nonferrous metals closed mixed on Friday September 28. The SHFE 1811 contract ceased to rise further after climbed to RMB14,390 per tonne. It registered the fourth consecutive trading day of decline as it closed Friday’s session in green at RMB14,310 per tonne. SMM expects the contract to test resistance at the 60-day moving average after the National Day holiday. 

Tagged with:

Aluminium Price LME Inventory

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EDITED BY : HEENA IQBAL 2MINS READ

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