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17 OCTOBER 2018 AL CIRCLE

LME aluminium tumbled to a low of US$2,014/t as inventories gained 70,775 mt; SHFE expected to trade at RMB14,250-14,360/t

EDITED BY : HEENA IQBAL 2MINS READ

Both LME and SHFE base metals ended in mixed performance overnight. Benchmark aluminium price on London Metal Exchange decreased to close at US$2022 per tonne on Tuesday, October 16, down from the previous day’s close at US$ 2028 per tonne.

LME aluminium fluctuated on Tuesday but tumbled to a low of US$2,014 per tonne as LME inventories gained 70,775 tonne, the greatest gain among nonferrous metals. SMM expects it to trade at US$2,020-2,060 per tonne today.

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As on October 16, LME aluminium cash (bid) price stands at US$ 2021 per tonne, LME official settlement price stands at US$ 2022 per tonne; 3-months bid price stands at US$ 2023.50 per tonne, 3-months offer price is US$ 2024 per tonne; Dec 19 bid price stands at US$ 2075 per tonne, and Dec 19 offer price stands at US$ 2080 per tonne. 

The LME aluminium opening stock increased to 996875 tonnes. Live Warrants totalled at 683750 tonnes, and Cancelled Warrants were 313125 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 2029.41per tonne.

SME and SHFE Aluminium Price Trend 

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2064 per tonne today from US$ 2049 per tonne on October 16.

According to Shanghai Metals Market, the SHFE 1812 contract rallied after it declined overnight, and closed in the black after it rose to a high of RMB14,275 per tonne. However, it remained below the 60-day moving average.

The SHFE 1812 contract initially crept to a high of RMB14,335 tonne before it hovered around RMB14,315 per tonne to end overnight trading. SMM expects it to trade at RMB14,250-14,360 per tonne today with spot discounts at RMB50-10 per tonne.



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EDITED BY : HEENA IQBAL 2MINS READ

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