
LME aluminium is nearing a strong resistance at the five-day moving average. The light metal traded globally dropped marginally to US$1,902.50 after night trading on Thursday, June 8, from US$1,903.50 per tonne on Wednesday, June 7.
Shanghai Metals Market (SMM) suggests that LME aluminium will continue to fluctuate in the range of US$1,895-1,915 per tonne on Friday, June 9.
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As on June 8, LME official cash buyer price of aluminium stands at US$1,902 per tonne, cash seller & settlement price is US$1,902.50 per tonne, 3M buyer price is US$1,903 per tonne, 3M seller price is US$1,903.50 per tonne, Dec1 buyer price is US$1,933 per tonne, and Dec1 seller price is US$1,938 per tonne. The current LME official Opening Stock of aluminium is estimated at 1461700 tonnes, total Live Warrants is 1034650 tonnes, and Cancelled Warrant is 427050 tonnes.
LME aluminium premiums, as on June 7, remain unchanged across major regions. LME Aluminium East-Asia Premium stands at US$110, LME Aluminium US Premium is US$200, LME Aluminium West-Europe Premium is US$85, and LME Aluminium South-East Asia Premium remains unchanged at US$15 (per tonne).
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The benchmark aluminium price at Shanghai Metal Exchange (SME) stands at US$2,005 per tonne on Friday, June 9, marginally up from US$2,004 per tonne on June 8, Thursday.
Aluminium future contract SHFE 1708 aluminium traded on Shanghai Futures Exchange (SHFE) edged higher after opening at RMB 13,790 per tonne on Thursday. The contract later jumped to RMB 13,870 per tonne and then fell back due to short selling ending at RMB 13,825 per tonne. SMM forecasts that SHFE 1708 aluminium will enter the range of RMB 13,750-13,880 per tonne on Friday, June 9.
Spot aluminium in east china market is predicted to be traded at discounts of RMB 70-30 per tonne over SHFE 1706 aluminium.
The market focus will be on the UK’s presidential election result, China’s inflation in May, M2 growth, informal financing, new loans and Baker Hughes rig count, due for release today.
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