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17 APRIL 2018 AL CIRCLE

LME aluminium soars to a record high since September 2011; SHFE follows trend

EDITED BY : HEENA IQBAL 2MINS READ

As seen by Shanghai Metals Market, LME aluminium soared and hit a high of US$ 2,403 per tonne since 2011, at one point overnight. The metal closed at US$ 2358.50 per tonne on Monday April 16, up from US$ 2325 per tonne on Friday April 13. As US sanctions on Rusal continues to cast a shadow on the market, SMM expects LME aluminium to trade rangebound at US$ 2,350-2,400 per tonne today.

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As on April 16, LME aluminium cash (bid) price stands at US$ 2358 per tonne, LME official settlement price stands at US$ 2358.50 per tonne; 3-months bid price stands at US$23048 per tonne, 3-months offer price is US$ 2349 per tonne; Dec 19 bid price stands at US$ 2300 per tonne, and Dec 19 offer price stands at US$ 2305 per tonne. 

The LME aluminium opening stock has increased to 1360275 tonnes. Live Warrants totalled at 999550 tonnes, and Cancelled Warrants were 360725 tonne.

LME aluminium 3-months ABR price is hovering low at US$2308.94 tonne. 

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased from 2301 per tonne on April 16 to US$ 2341 per tonne on April 17.

According to SMM, SHFE aluminium stayed strong, buoyed by its LME counterpart. SMM expects it to trade rangebound at RMB 14,800-15,000 per tonne today. Spot discounts are seen at RMB 120-80 per tonne.

The US dollar is expected to weaken in the near term while base metals trade rangebound with upbeat momentum.

Tagged with:

Aluminium Price LME SMM

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EDITED BY : HEENA IQBAL 2MINS READ

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