
The London Metal Exchange is closed on Friday and Monday for the Easter holiday. On Thursday, London Metal Exchange aluminium hit a near eight-month low, closing just above $2,000 a tonne. SMM expects LME aluminium to hover around the US$2,000 per tonne level this week and trade at US$1,995-2,020 per tonne with limited upward room given US-China trade tension and higher inventories.

SME and SHFE Aluminium Price Trend
The SHFE 1805 aluminium contract touched a high of RMB 13,955 per tonne following the strong performance of the ferrous complex on Friday night. The SHFE 1805 contract opened at RMB 13,700 per tonne in the morning and plunged to a low of RMB 13,630 per tonne before it rebounded and closed at RMB 13,770 per tonne. SMM expects it to trade at RMB 13,800-13,950 per tonne with spot discounts at RMB 100-60 per tonne.
As seen by SMM, SHFE aluminium will have limited downward momentum given the arbitrage trading and stable prices of coal and alumina. SMM expects the contract to trade at RMB 13,600-13,950 per tonne this week. Following is the SHFE aluminium price movement on April 2, as updated by shfe.com.

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