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21 MAY 2019 AL CIRCLE

LME and SHFE aluminium dropped yesterday on macroeconomic pressure; likely to trade rangebound today

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar maintained last week’s gains as investors awaited developments in US-China trade negotiations and the Federal Reserve’s stance on interest-rate policy. LME base metals extended their declines as aluminium lost 2.29%. SHFE metals also closed lower and aluminium fell 0.31%.

LME aluminium closed the day’s trading lower at US$ 1786 per tonne on Monday. The contract then led the losses among base metals overnight as macroeconomic pressure dragged it to a low of US$1,787 per tonne, and pulled it down 2.29% to US$1,789.5 per tonne. LME aluminium is likely to trade at US$1,790-1,820 per tonne today. 

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As on May 20, LME aluminium cash (bid) price stood at US$ 1785 per tonne, LME official settlement price stands at US$ 1786 per tonne; 3-months bid price stands at US$ 1818.50 per tonne, 3-months offer price is US$ 1819.50 per tonne; Dec 20 bid price stands at US$ 1932 per tonne, and Dec 20 offer price stands at US$ 1937 per tonne.  

The LME aluminium opening stock stood at 1231200 tonnes. Live Warrants totalled at 752800 tonnes, and Cancelled Warrants were 478400 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1823.16 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange remains flat at US$ 2065 per tonne.

The most traded SHFE July contract traded rangebound during the day yesterday, failing to recover from Friday night’s decline, and closed the trading day 0.49% lower RMB14,285 per tonne. It hovered around the five-day moving average. The contract then settled lower at RMB 14,250 per tonne overnight as longs exited, despite higher costs in alumina and lower inventories of primary aluminium. It is expected to trade at RMB 14,250-14,350 per tonne today.

Tagged with:

Aluminium Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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