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01 MARCH 2018 AL CIRCLE

LME aluminium slips on the back of strong US dollar; SHFE up on active trading

EDITED BY : BEETHIKA BISWAS 2MINS READ

As seen by Shanghai Metals Market LME aluminium came under pressure from the strong US dollar and slipped to a low of USD2,129/t overnight and finally closed at USD2158 per tonne on Wednesday, February 28. Since LME aluminium inventory growth has come to a halt, aluminium prices on the bourse are expected to firm up soon.

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As on February 28, LME aluminium cash (bid) price stands at US$ 2158 per tonne, LME aluminium cash (offer) price stands at US$ 2158.50 per tonne; 3-months bid price stands at US$ 2137 per tonne, 3-months offer price is US$ 2138 per tonne; Dec 19 bid price stands at US$2,185 per tonne, and Dec 19 offer price is US$2,190 per tonne.

The LME aluminium opening stock today stood at 1324475 tonnes, Live Warrants totalled at 1093400 tonnes, and Cancelled Warrants were 231075 tonne.

LME aluminium 3-months ABR price is hovering at US$2,151per tonne. 

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has inched higher from US$2,220 per tonne on February 28 to US$2228 per tonne on March 1. Active trading on the spot market after the Chinese New Year Holidays has pushed SHFE aluminium high while narrowing spot discounts. SHFE aluminium hit a high of RMB 14,415 per tonne as investors covered their shorts. Following is the SHFE aluminium price movement on March 1, as updated by shfe.com.

SMM expect SHFE aluminium to trade at RMB 14,250-14,450 per tonne as investors turn bullish in anticipation of higher consumption. Spot discounts are seen at RMB 180-140 per tonne. Downstream customers are expected to be back from holiday around March 5 and speed up buying

Tagged with:

LME Price Inventory China SMM

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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