LME aluminium slips while SHFE aluminium prepares for a medium-term rebound
LME aluminium dropped marginally on the first trading day of the week. The light metal contract came down from its last week’s close at US$2,256 per tonne to close at US$2,235 per tonne on Monday, January 22.
Shanghai Metals Market analysis suggests that LME aluminium will remain strong and trade at US$2,220-2,260 range on Tuesday, January 23.
As on January 22, LME official cash buyer aluminium price (Bid Price) stands at US$2,234 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,235 per tonne, 3M Bid Price is US$2,238 per tonne, 3M Offer Price is US$2,239 per tonne, Dec1 Bid Price is US$2,282 per tonne, and Dec1 Offer Price is US$2,287 per tonne. LME aluminium opening stock stands at 1088425 tonnes, total Live Warrants is 839225 tonnes and Cancelled Warrants 249200 tonnes.
The Asian reference price for LME aluminium (3-months ABR) is US$2,216.50 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange remains almost unchanged at US$2,247 per tonne on January 23.
Aluminium contracts on Shanghai Futures Exchange remained week yesterday night; but SMM forecasts that SHFE aluminium will rebound in the medium term drawing support from LME aluminium prices, and trade at RMB 14,600-14,800 per tonne on Tuesday, January 23.
In the spot aluminium market, discounts are expected to move at RMB 220-180 per tonne today.
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