LME remained closed on December 26 for Christmas Holiday; SHFE aluminium dropped to 1-week low
The US dollar edged lower for the third straight session on Thursday, but it rose to a nearly two-week high against the Japanese yen. The LME was closed on Thursday for Christmas and hence no trading took place in the exchange. LME aluminium closed the trading on 24th December at US$ US$ 1790.50 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) declined to US$ 2036 per tonne on Friday, 27 December 2019.
SHFE aluminium plunged to the lowest in a week on Thursday, as bears flocked in after data showed that the downtrend in inventories decelerated significantly this week, SMM reported. The most traded SHFE 2002 contract shed 1.26% to end the day at RMB14,055 per tonne.
The most-traded SHFE 2002 contract consolidated in a tight band overnight after a steep decline in the previous session. The contract fell to a low of RMB14,035 per tonne and closed at RMB14,065 per tonne. The contract is likely to hover between RMB14,030-14,200 per tonne today with spot premiums at RMB150-170 per tonne.
China’s Henan Shenhuo to start production at Yunnan aluminium on December 31
Next articleVedanta and Hindalco raised price of aluminium ingots by 1% with effect from Wednesday December 25
Grow with
AL Circle
