
LME aluminium is extending its swing within a narrow range. The light metal contract which edged higher on November 3 to US$2,165 per tonne from US$2,152 per tonne on November 2, has retraced back to the same level. Reuters’ technical analysis suggests that LME aluminium is biased to test a support at US$2,148 per tonne. A break below this level may drag the contract down to US$2,103-US$2,125 range. A break above US$2,196 per tonne, on the other hand, could lead to a gain to US$2,218 per tonne in the near term.

As on November 6, LME official cash buyer aluminium price (Bid Price) stands at US$2,151 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,152 per tonne, 3M Bid Price is US$2,172 per tonne, 3M Offer Price is US$2,172.50 per tonne, Dec1 Bid Price is US$2,215 per tonne, and Dec1 Offer Price is US$2,220 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1179075 tonnes, total Live Warrants is 933725 tonnes, and Cancelled Warrant is 245350 tonnes.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange has inched higher from US$2,392 per tonne on November 6, to US$2,404 per tonne on November 7.
During Monday’s trading hours, aluminium contracts on Shanghai Futures Exchange had their daily moving average finished at RMB 16,160 per tonne under pressure. The latest SHFE aluminium price movement is as follows:

It is expected that SHFE aluminium will keep weak and volatile in the near term.
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