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26 DECEMBER 2017 AL CIRCLE

LME touches US$ 2137/t mark on December 22; SHFE aluminium may be rangebound today as LME is off

EDITED BY : BEETHIKA BISWAS 2MINS READ

LME has registered some substantial growth last week at the start of the holiday season with the benchmark LME prices rising above US$ 2130/t. LME aluminium closed at US$ 2137 per tonne on Friday December 22 registering a growth of 1.4%. Trading was closed on December 25 due to Christmas holiday.   

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As on December 22, LME official cash buyer aluminium price (Bid Price) stands at US$ 2136 per tonne, cash seller & settlement aluminium price (Offer price) is US$ 2137 per tonne, 3M Bid Price is US$ 2153 per tonne, 3M Offer Price is US$ 2153.50 per tonne, Dec1 Bid Price is US$ 2193per tonne, and Dec1 Offer Price is US$2,198 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1104950 tonnes, slightly down from the last closing. Total Live Warrants is 891525 tonnes, and Cancelled Warrant is 213425 tonnes.   Metals are leaving LME warehouses on good demand bringing down the inventory level in the last week.

SME Update

The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2,189 per tonne on December 25 to US$ 2150 today. Without much support from alumina prices and due to low consumption, aluminium price in China is  hovering at a low level and will continue to remain so in the short term.

SHFE aluminium price movement on December 25 as updated by Shanghai Metals Market was as follows:

According to a Shanghai Metals Market analysis, SHFE aluminium is set to be rangebound today as LME is closed. Market participants would look for support at the five-day morning average. It is expected to trade at RMB 14,550-14,750 per tonne while spot discounts are seen at RMB 310-270 per tonne.

 

 

Tagged with:

LME Price Inventory

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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