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27 APRIL 2018 AL CIRCLE

LME aluminium surges high in the morning after closing low on Thursday;  SHFE follows trend

EDITED BY : BEETHIKA BISWAS 2MINS READ

After showing some gain and closing at US$2248 per tonne on Wednesday April 25 after three days of falling, LME aluminium closed down at US$ 2204 per tonne on Thursday April 26. The light metal contract then surged to a high of US$2,316 per tonne overnight after the news that Oleg Deripaska, Rusal’s major shareholder would continue to maintain control over Rusal. Shanghai Metals Market expects it to trade strongly rangebound at US$2,220-2,350 per tonne today.

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As on April 26, LME aluminium cash (bid) price stands at US$ 2,203 per tonne, LME official settlement price stands at US$ 2,204 per tonne; 3-months bid price stands at US$ 2205.5 per tonne, 3-months offer price is US$ 2206 per tonne; Dec 19 bid price stands at US$ 2192 per tonne, and Dec 19 offer price stands at US$ 2197 per tonne. 

The LME aluminium opening stock stood at 1362750 tonnes. Live Warrants totalled at 917650 tonnes, and Cancelled Warrants were 445100 tonne.

LME aluminium 3-months ABR price is hovering high at US$ 2228 per tonne. 

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange slightly dropped from US$ 2269 per tonne on April 26 to US$ 2278 per tonne on April 27.

SHFE aluminium tested support at the 20- and 60-day moving averages yesterday and hit a low of RMB 14,340 per tonne. While there was no further development in the US sanctions against Russia, uncertainty remained and investors traded with caution. Today, buoyed by its LME counterpart, the SHFE 1806 contract also jumped to a high of RMB 14,555 per tonne after night trading session opened. It then lost some gains with resistance at the five-day moving average and the RMB 14,500 per tonne level. SMM expects it to trade rangebound at RMB 4,450-14,580 per tonne today with narrow spot discounts of RMB70-30 per tonne.

Tagged with:

Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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