
The London Metal Exchange market remained closed till Monday, April 17, for the Easter Holidays. Shanghai Metals Market (SMM) expects that LME aluminium will open higher at US$1,920-1,965 per tonne on Tuesday, April 18 (at 15:00). The market will watch out for the price support at lows, analysts observe.
The benchmark price of aluminium on Shanghai Metal Exchange (SME) is displaying a fluctuating trend. The benchmark aluminium price on Tuesday, April 18 stands at US$2,079 per tonne, down 0.76 per cent from yesterday's price of US$2,095 per tonne.
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Aluminium futures contract traded on Shanghai Futures Exchange (SHFE) experienced a significant surge during Asian trading hours on Monday, April 17. SHFE 1706 aluminium opened higher at RMB 14,285 per tonne and shot up to RMB 14,995 per tonne on two positive news- one being the halt in construction at Jichang Prefecture's illegal aluminium capacity in Xinjiang. Later the contract fell at RMB 14,485 per tonne as longs took profit at highs, showed SMM data.
SHFE 1706 aluminium should trade at RMB 14,200-14,600 per tonne range on Tuesday, April 18, SMM forecasts.
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Another aluminium futures contract SHFE 1704 aluminium closed at RMB 14,300 per tonne at the bourse on Monday, with settlement price at RMB 14,370 per tonne, and delivery volume at 120,350 tonnes, SMM data showed.
Spot aluminium in east China's domestic market are expected to trade at discounts of RMB 200-160 per tonne over SHFE 1705 aluminium contract, says SMM.
Tuesday's macroeconomic data calendar shows a number of key US data including March’s new home starts, building permits, industrial production, manufacturing production and capacity utilization.
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