
The US dollar weakened on Tuesday as Democratic lawmakers called for an impeachment inquiry against President Donald Trump. The dollar index was down 0.3% to 98.33. LME base metals traded lower on Tuesday. LME Aluminium dropped 1.3% and SHFE aluminium lost 0.2%.
Three-month LME aluminium weakened on Tuesday for a third day in a row and dropped 1.29% to US$1,762.5 per tonne. It is expected to trade between US$1,750-1,830 per tonne today.
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As on September 24, Tuesday, LME aluminium cash (bid) price stood at US$ 1750.50 per tonne, LME official settlement price stands at US$ 1751.50 per tonne; 3-months bid price stands at US$ 1771 per tonne, 3-months offer price is US$ 1772 per tonne; Dec 20 bid price stands at US$ 1850 per tonne, and Dec 20 offer price stands at US$ 1855 per tonne.
The LME aluminium opening stock increased to 899925 tonnes. Live Warrants totalled at 707425 tonnes, and Cancelled Warrants were 192500 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1782 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) stands at USD 2036 per tonne on today, 25 September 2019.
The most traded SHFE 1911 contract extended its losses from a lower open to a session-low of RMB 14,105 per tonne overnight, before it recovered some ground to close 0.21% lower at RMB 14,180 per tonne on Tuesday night. Concerns about supply after the unexpected suspension of East Hope’s aluminium smelter in Inner Mongolia will be price supportive, while pressure is seen at the five- and 40-day moving averages. SHFE aluminium is expected to hover between RMB 14,150-14,300 per tonne today, with spot premiums of RMB 10-30 per tonne over the 1910 contract.
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