
After closing down at US$ 1943.50 per tonne on Tuesday, May 30, LME aluminium plunged further to close at US$ 1,919.50 per tonne on Wednesday, May 31. According to an SMM analysis, LME aluminium will move between USD 1,920-1,940/mt today, with strong resistance at the 5-day and 10-day moving averages.

As on May 31, LME official cash buyer price of aluminium stands at US$1,919 per tonne, cash seller & settlement price is US$1,919.50 per tonne, 3M buyer price is US$1,918 per tonne, 3M seller price is US$1,919 per tonne, Dec1 buyer price is US$1,943 per tonne, and Dec1 seller price is US$1,948 per tonne. The current LME official Opening Stock of aluminium is estimated at 1473925 tonnes, total Live Warrants is 993075 tonnes, and Cancelled Warrant is 480850 tonnes.
LME aluminium premiums, as on May 30, drop for the U.S. and West-Europe region. LME Aluminium US Premium drops to US$205 per tonne and LME Aluminium West-Europe Premium drops to US$90. LME Aluminium South-East Asia Premium remains unchanged at US$15 (per tonne) and LME Aluminium East-Asia Premium stands flat at US$110.
The benchmark aluminium price at Shanghai Metal Exchange (SME) stands at US$ 1,991 per tonne on Thursday, June 1, down 0.99 per cent from the benchmark aluminium price of US$ 2,011 per tonne on Wednesday, May 31.
As reported by Shanghai Metals Market, SHFE 1707 aluminium dipped to RMB 13,710/t after opening at RMB 14,000/t on Wednesday. The most active contract ended at RMB 13,715/t. Trading volumes increased to 219,094 lots, and positions increased 9,450 lots to 221,712 lots. SHFE 1707 aluminium should see technical corrections during today’s night session, but will face downward pressure later this week. The contract should move mainly between RMB 13,750-13,950/mt.
In east China’s spot aluminium market, SHFE 1706 aluminium contract is expected to be traded at discounts of RMB 100-70/t.
{googleAdsense}
The key macro-economic indicators that would affect the base metal market today are US’s EIA and API oil inventories, manufacturing PMIs from US and China in May, US’s ADP employment and initial jobless claim. In China, offshore yuan surged in morning trading, increasing risks of tightening market liquidity in the short term. According to SMM, yuan will remain firm in the short term.
Responses







