
LME aluminium surged to a high of US$2,330 per tonne at one point overnight. Benchmark aluminium price on London Metal Exchange further increased to close at US$ 2269 per tonne on Wednesday May 2, from US$2258 per tonne on Tuesday, May 1. SMM sees limited upward momentum with no development in the Rusal sanctions. LME aluminium is expected to trade at US$2,280-2,330 per tonne today.

As on May 2, LME aluminium cash (bid) price stands at US$ 2268 per tonne, LME official settlement price stands at US$ 2269 per tonne; 3-months bid price stands at US$2269 per tonne, 3-months offer price is US$ 2270 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 1323425 tonnes. Live Warrants totalled at 880350 tonnes, and Cancelled Warrants were 443075 tonne.
LME aluminium 3-months ABR price is hovering low at US$2243.02 tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased from US$ 2253 per tonne on May 2 to US$ 2262 per tonne on May 3.
The SHFE aluminium 1806 contract opened high at RMB 14,540 per tonne and climbed up to RMB 14,580 per tonne as longs added their positions. The contract closed above the 20-day moving average. SMM expects it to test the support at the 20-day moving average today and trade at RMB 14,400-14,600 per tonne Spot discounts are seen at RMB 70-30 per tonne
The US dollar is expected to remain rangebound at highs in the short term, while base metals are likely to continue their weak and rangebound pattern.
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