
According to a Reuters report, London base metals on Wednesday recovered some of the ground lost in the previous session as global equities bounced back after days of sharp falls and investors focused on fundamentals.
LME aluminium contract continued to drop till yesterday’s closing and the light metal dropped further from US$ 2202 per tonne on February 5 to close at US$ 2196 per tonne on February 6. Good market fundamentals may provide some support to the prices today as aluminium gained 1 per cent on Wednesday’s trading. The LME aluminium price, according to Shanghai Metals Market is expected to trade at $2,150-2,185/t.
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As on February 6, LME official cash buyer aluminium price (Bid Price) stands at US$ 2195.50per tonne, cash seller & settlement aluminium price (Offer price) is US$ 2196 per tonne, 3M Bid Price is US$ 2194.50per tonne, 3M Offer Price is US$ 2195 per tonne, Dec1 Bid Price is US$ 2243 per tonne, and Dec1 Offer Price is US$ 2248 per tonne. LME aluminium opening stock stands at 1066225 tonnes, off from the stock on last closing. Total Live Warrants stands at 841550 tonnes and Cancelled Warrants 224675 tonnes.
The Asian reference price for LME aluminium (3-months ABR) is US$ 2184.41per tonne.
SME and SHFE updates
The benchmark aluminium price on Shanghai Metal Exchange (SME) has gained from US$ 2241per tonne on February 6 to US$ 2249 per tonne on February 7. According to SMM, The SHFE 1804 aluminium contract may halt its losing streak temporarily today and trade at RMB 14,100-14,250 per tonne. In the spot market, discounts are stable at RMB 130-90 per tonne.
As updated by shfe.com, on Shanghai Futures Exchange, the major SHFE aluminium contracts price movements on January 10 are as follows:
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