LME aluminium up for a 'limited gain', price may retrace to US$1,913/t

<p>The uptrend in LME aluminium price seems to have lost its momentum recently. The contract though inched higher at US$1,948.50 per tonne on Monday, April 3, from its previous day's close of US$1,946.50 per tonne, is likely to break a support at US$1,948 per tonne and fall to the next support at US$1,934 per tonne, analyses Reuters. Over the next few days, LME aluminium may retrace towards US$1,913. A more realistic target for the metal contract could be US$1,934, Reuters forecasts. <br /><br /><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/LME.png" alt="News" width="517" height="226" /><br />As on April 3, LME official cash buyer price of aluminium stands at US$1,948 per tonne, cash seller &amp; settlement price is US$1,948.50 per tonne, 3M buyer price is US$1,958 per tonne, 3M seller price is US$1,959 per tonne, Dec1 buyer price is US$1,992 per tonne, and Dec1 seller price is US$1,997 per tonne. The current LME official Opening Stock of aluminium is estimated at 1877300 tonnes, total Live Warrants is 1003975 tonnes, and Cancelled Warrant is 873325 tonnes.<br /><br />{googleAdsense}<br /><br />LME aluminium premium remains unchanged across major regions. As on March 31, LME Aluminium US Premium stands at US$215, LME Aluminium West-Europe Premium stands at US$95, LME Aluminium East-Asia Premium is US$100 and LME Aluminium South-East Asia Premium is US$15 (per tonne).<br /><br />The lightmetal is projected to meet a resistance at US$1,957 per tonne, a break above which may lead to a "limited gain" to US$1,962 per tonne, up 0.69 per cent from the current price.</p>