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27 DECEMBER 2017 AL CIRCLE

LME aluminium to open strong in post-Christmas trading

EDITED BY : DIPANWITA GUPTA 1MINS READ

Aluminium contract traded on London Metal Exchange is expected to see some corrections in the short term once the bourse resumes trading after the Christmas Holidays toady. LME aluminium increased steadily last week and closed at US$2,137 per tonne on Friday, December 22. Technical analysis suggests that LME aluminium will trade at US$2,155-2,195 per tonne on Wednesday, December 27, raising the benchmark price by 1.77 per cent.

A weaker US dollar is set to provide some support to LME aluminium.

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LME aluminium

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has retraced the earlier highs of US$2,174 per tonne today rising from US$2,150 per tonne on December 26.  

On Shanghai Futures Exchange, SHFE aluminium price movement on December 26, as updated by Shanghai Metals Market, was as follows:

SHFE Aluminium

SHFE aluminium was expected to trade in the range of RMB 14,450-14,850 per tonne during night trading on December 26. Today, the contract is expected to remain range-bound at RMB 14,500-14,800 per tonne.  

The discounts on spot aluminium are likely to be at RMB 340-300 per tonne on December 27, SMM said.

Tagged with:

LME Price Aluminium

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EDITED BY : DIPANWITA GUPTA 1MINS READ

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