LME aluminium surged to a high as the US- Sino trade tensions eased
LME aluminium gained 1.82% after touching a low of US$2,263.5 per tonne at one point last Friday.The metal surged to a high of US$2,325 per tonne last night with support from calm US-Sino trade tension. Benchmark aluminium price on London Metal Exchange increased to close at US$ 2285.50 per tonne on Monday, May 14.SMM expects the metal to hover at US$2,290-2,330 per tonne today.
As on May 14, LME aluminium cash (bid) price stands at US$ 2285 per tonne, LME official settlement price stands at US$ 2285.50 per tonne; 3-months bid price stands at US$2295 per tonne, 3-months offer price is US$ 2296 per tonne; Dec 19 bid price stands at US$2250 per tonne, and Dec 19 offer price stands at US$ 2255 per tonne.
The LME aluminium opening stock stood at 1259300 tonnes. Live Warrants totalled at 862225 tonnes, and Cancelled Warrants were 397075 tonne.
LME aluminium 3-months ABR price is hovering low at US$2270.36 tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased from US$ 2288 per tonne on May 14 to US$ 2295 per tonne on May 15.
As seen by SMM, the SHFE 1807 contract gained in line with its LME counterpart with a high at RMB 14,750 per tonne. The contract is expected to trade at RMB 14,650-14,800 per tonne today with spot offers at a discount of RMB 20 per tonne to a premium of RMB 20 per tonne. SMM expects aluminium prices to consolidate and trade rangebound in the short term, with a lack of clear directions.
The US dollar is expected to remain trading rangebound during the day and base metals are likely to see mixed trading.
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