LME remained closed on Wednesday for NYD holiday; likely to trade at US$1,800-1,840/t
The US dollar dipped to a near three-week low against the yen in thin year-end trades on Tuesday. The dollar index, which tracks the greenback against a basket of other currencies, finished slightly up at 96.51. LME base metals mostly fell while the SHFE complex traded on a mixed note on Tuesday. LME aluminium fell more than 1% and SHFE aluminium gained 0.1%.
LME aluminium closed Tuesday’s trading at US$ 1800 per tonne, further up from Monday, December 30. The exchange was closed on January 1 for New Year’s Day holiday.
Three-month LME aluminium hovered in a tight band around US$1,820 per tonne, with a high of US$1,830 per tonne, before it pared some gains to hit nearly a week-low and closed at US$1,803 per tonne. LME aluminium is likely to hover at US$1,800-1,840 per tonne today.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) traded higher after the holidays at US$2068 per tonne on Thursday, 02 January 2020.
The most-liquid SHFE 2002 contract is likely to trade at RMB14,100-14,200 per tonne today, with spot premiums at RMB100-180 per tonne.
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