
The US dollar sharply extended its declines on Monday. LME base metals closed mixed on Monday, and aluminium dropped 1.1%. SHFE base metals performed similarly, and aluminium declined 0.6%.
Three-month LME aluminium fell below the five- and 10-day moving averages to close the trading day 1.11% lower at US$1,774 per tonne on Monday. The LME aluminium contract closed at US$ 1763.5 per tonne on Monday June 3, up from the last closing. LME aluminium is expected to trade between US$1,765-1,820 per tonne today.
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As on June 3, Monday, LME aluminium cash (bid) price stood at US$ 1763 per tonne, LME official settlement price stands at US$ 1763.50 per tonne; 3-months bid price stands at US$ 1788 per tonne, 3-months offer price is US$ 1788.50 per tonne; Dec 20 bid price stands at US$ 1900 per tonne, and Dec 20 offer price stands at US$ 1905 per tonne.
The LME aluminium opening stock stood at 1141100 tonnes. Live Warrants totalled at 713900 tonnes, and Cancelled Warrants were 427200 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1793 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange (SME) decreased today to US$ 2038 per tonne from US$ 2052 per tonne on Monday.
Exiting longs weighed SHFE July contract to the lowest in nearly a week, at RMB14,100 per tonne, right after it hit a high of RMB14,165 per tonne in early trades. It ended the trading day 0.18% lower at RMB14,125 per tonne on Monday. The most traded SHFE July contract fell to a low of RMB14,030 per tonne overnight before it ended 0.57% lower at RMB14,065 per tonne. SHFE aluminium is expected to trade rangebound between RMB14,000-14,200 per tonne today. Spot premiums are seen at RMB10-30 per tonne over the June contract.
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