LME edges up slightly after two days fall; SHFE 1707 to move within RMB 13,700-13,900/t

<p>After plunging to US$ <span>1,919.50</span>&nbsp;per tonne on Wednesday, May 31, LME aluminium gained a little to close at US$ 1,930 per tonne on Thursday, June 1. According to an SMM analysis, LME aluminium will continue struggling around moving averages and move between USD 1,920-1,940/t today. According to Reuter&rsquo;s analysis, LME&nbsp;aluminium may retest a support at $1,909 per tonne, as it may have completed a bounce triggered by this barrier.</p> <p style="text-align: center;"><img style="vertical-align: middle;" src="http://www.alcircle.com/uploads/images/lme2ndjune.jpg" alt="News" width="517" height="226" /></p> <p>As on June 1, LME official cash buyer price of aluminium stands at US$1,929 per tonne, cash seller &amp; settlement price is US$1,930 per tonne, 3M buyer price is US$1,930 per tonne, 3M seller price is US$1,930.50 per tonne, Dec1 buyer price is US$1,955 per tonne, and Dec1 seller price is US$1,960 per tonne. The current LME official Opening Stock of aluminium is estimated at 1467375 tonnes, total Live Warrants is 993075 tonnes, and Cancelled Warrant is 474300 tonnes.</p> <p>LME aluminium premiums, as on May 31, remain flat in all regions. LME Aluminium US Premium stands at US$205 per tonne and LME Aluminium West-Europe Premium stands at 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$110.</p> <p>The benchmark aluminium price at Shanghai Metal Exchange (SME) stands at US$ 2,014per tonne on Friday, June 1, up 1.1% from the benchmark aluminium price of US$ 1,991 per tonne on Thursday, June 2.</p> <p>As reported by Shanghai Metals Market, SHFE 1707 met strong resistance at moving averages, during Thursday&rsquo;s night session. &nbsp;SHFE 1707 aluminium should move within a range of RMB 13,700-13,900/t today.</p> <p>In east China&rsquo;s spot aluminium market, SHFE 1706 aluminium contract is expected to be traded at discounts of RMB 80-40/t.</p> <p>{googleAdsense}</p> <p>According to SMM, divergence will continue among base metals on Friday and upcoming US non-farm payrolls data should trigger price volatility. The market will also be driven by US&rsquo;s nonfarm payrolls, unemployment, salary growth in May and balance sheet in April and eurozone&rsquo;s PPI in April today.</p>