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05 JULY 2018 AL CIRCLE

LME aluminium wakened to a low of US$2,083/t, SHFE climbed on talk of aluminium production cuts

EDITED BY : HEENA IQBAL 2MINS READ

Most LME and SHFE base metals dropped last night. LME aluminium wakened to a low of US$2,083 per tonne before rebounding to USS$2,103 per tonne.  LME aluminium contract closed lower at US$ 2120.5 per tonne yesterday July 4 from US$ 2165 per tonne on July 3. Shanghai Metals Market expects the contract to trade at US$2,080-2,115 per tonne today.

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As on July 4, LME aluminium cash (bid) price stands at US$ 2120 per tonne, LME official settlement price stands at US$ 2120.50 per tonne; 3-months bid price stands at US$ 2098 per tonne, 3-months offer price is US$ 2100 per tonne; Dec 19 bid price stands at US$ 2133 per tonne, and Dec 19 offer price stands at US$ 2138 per tonne.

The LME aluminium opening stock decreased to 1104600 tonnes. Live Warrants totalled at 905700 tonnes, and Cancelled Warrants were198900 tonne.

LME aluminium 3-months Asian Reference Price is hovering at US$ 2092.55 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange decreased to US$ 2089 per tonne on July 5 from US$ 2103 per tonne on July 4.

The SHFE 1808 contract climbed to a high of RMB14,110 per tonne after reports of potential aluminium production cuts. The contract closed at RMB13,955 per tonne.

The SHFE 1808 contract also rebounded to RMB14,000 per tonne level after it dipped to RMB13,940 per tonne today morning. SMM expects contract to trade at RMB13,900-14,050 per tonne today, with spot discounts at RMB60-20 per tonne.

The US dollar inched down to close at 94.5 as markets remained wary over the China-US trade war ahead of tariffs implementation. Key factors to watch today include the US ADP employment data in June, its weekly jobless claims, June's non-manufacturing PMI surveyed by the Institute for Supply Management (ISM).

Tagged with:

Aluminium Price LME SMM

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EDITED BY : HEENA IQBAL 2MINS READ

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