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23 DECEMBER 2016 AL CIRCLE

LME aluminium to fluctuate in a close range of USD 1,715-1,730/mt on Friday

EDITED BY : BEETHIKA BISWAS 3MINS READ

LME aluminium price improved to close at US$1,737.5 per tonne on December 22 and it is expected to hover within a range of USD 1,715-1,730/mt on Friday.

As on December 22, LME official CASH Buyer price of aluminium is US$1737 per tonne, CASH Seller & Settlement price is US$1737.5per tonne, 3M Buyer price is US$1720 pe tonne, 3M Seller price is US$1721 per tonne, DEC1 Buyer price is US$1733 per tonne, and DEC1 Seller price is US$1738 per tonne.
 
LME official Opening Stock of aluminium currently stands at 2139575 tonnes, total Live Warrants is estimated at 1486675 tonnes, and Cancelled Warrant is 652900 tonnes.

News
In China, benchmark price of aluminium traded on Shanghai Metal Exchange dropped by 1.7 per cent from the previous day to stand at US$1,855 per tonne on Friday, December 23.
 
According to an SMM update, aluminium traded on Shanghai Futures Exchange- SHFE 1612 aluminium opened at RMB 12,885 per tonne on Thursday and fluctuated at around RMB 12,885/mt. finally dropping with exit of longs. During the afternoon trading, SHFE 1702 aluminium dropped to RMB 12,770/mt per ton and finally closed at RMB 12,800 per ton. Trading volumes fell to 212,028 and positions dropped 21,606 to 251,370. The contract is expected to move to a higher range at RMB 12,700-12,950 per tonne on Friday, supported by strong spot aluminium.

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According to Spot aluminium in China’s domestic market should trade at premiums of RMB 105-115/mt on Friday.
A number of US economic data are scheduled for release on Thursday. These include annual real GDP of the US in Q3, initial jobless claim from the week ending December 16, durable goods orders of November, core PEC price index of November’s and personal receipts and disbursements of the same month.
 
A series of economic data are expected to release on Friday. These includ final reading of UK’s and France’s annual GDP in Q3, US’s new home sales in November and US’s Michigan consumer confidence index in December.
Base metals in China’s market market increased across the board during US trading hours on Thursday’s night trading, but price resistance at the upper moving averages and pre-holiday quiet trading are expected to restrict price gains. Weak performance in other commodity markets will also undermine base metals.

According to Shanghai Metals Market base metals increased across the board during US trading hours on Thursday’s night trading on the SHFE and would continue diverging on Friday. Trading would be slow due to the approaching Christmas holiday. On Friday, LME aluminium will close ahead of schedule at 20:30 due to Christmas holidays. Market players exit from foreign markets with nearing of holiday.

Tagged with:

Price LME China

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EDITED BY : BEETHIKA BISWAS 3MINS READ

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