Adv
LANGUAGES
English
Hindi
Spanish
French
German
Chinese_Simplified
Chinese_Traditional
Japanese
Russian
Arabic
Portuguese
Bengali
Italian
Dutch
Greek
Korean
Turkish
Vietnamese
Hebrew
Polish
Ukrainian
Indonesian
Thai
Swedish
Romanian
Hungarian
Czech
Finnish
Danish
Filipino
Malay
Swahili
Tamil
Telugu
Gujarati
Marathi
Kannada
Malayalam
Punjabi
Urdu
29 MAY 2018 AL CIRCLE

LME aluminium to trade rangebound on strong greenback; SHFE stays low on recommissioning of capacity

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar index touched a five-month high last night at nearly 94.5 before it closed 0.18% higher at 94.41, on US-North Korea discussions and a weakening euro. Trading was off in LME on May 28 on the occasion of Late May Bank Holiday. LME aluminium was depressed by a rising US dollar index on Friday May 25 and the LME official settlement priceclosed last week with US$2282 per tonne from US$ 2270 per tonne on previous closing. The contract tumbled to a low of US$2,248 per tonne overnight. LME aluminium is expected to trade rangebound today at US$2,260-3,000 per tonne.

SME and SHFE Aluminium Price Trend

{alcircleadd}

The benchmark aluminium price on Shanghai Metal Exchange dropped to US$ 2285 per tonne on May 29 from US$ 2301 per tonne on May 28. 

The SHFE 1807 contract initially hit a high of RMB 14,850 per tonne yesterday morning but closed lower at RMB 14,800 per tonne in the afternoon as investors exited the market. Trading volumes also registered a fresh low since June 26, 2017 and came in at 213,000 lots. The SHFE 1807 contract halted its increase at RMB 14,815 per tonne last night with limited support from longs. Shanghai Metals Market sees a restricted upward room as the commissioning of aluminium production capacity accelerated while costs declined. The contract is expected to trade at RMB 14,650-14,850 per tonne today with spot discounts at RMB 90-50 per tonne. 

The US dollar index is likely to strengthen further if the US data come in robust today, while base metals are expected to trade rangebound amid mixed trading. 

 

 


Adv
Adv
Adv
Adv
Adv
Adv
Adv
EDITED BY : BEETHIKA BISWAS 2MINS READ

Responses

Adv
Adv
Adv
Loading...
Adv
Adv
Adv
Loading...
Reports VIEW ALL
Loading...
Loading...
Business Leads VIEW ON AL BIZ
Loading...
Adv
Adv
Would you like to be
featured with us?
Loading...

AL Circle: Aluminium Ecosystem App

A proud
ASI member
© 2026 AL Circle. All rights reserved. AL Circle is not responsible for content from external sources.