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02 NOVEMBER 2017 AL CIRCLE

Positive developments in the LME week lift LME aluminium to US$2,188/t; SME falls short

EDITED BY : BEETHIKA BISWAS 2MINS READ

LME aluminium has been holding strong and climbed beyond it support level from US$2,140 per tonne on Tuesday, October 31 to US$2,188 per tonne on Wednesday, November1. A break below this level could cause a loss to US$2,125 per tonne in the near term. Positive developments in the LME week are giving support to LME aluminium currently.

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As per voting results of present participants in LME Week aluminium earned 20 per cent of the votes as the most promising metal in 2018, SMM reported.

As on October 31, LME official cash buyer aluminium price (Bid Price) stands at US$2,187 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,188 per tonne, 3M Bid Price is US$2,196.50 per tonne, 3M Offer Price is US$2,197 per tonne, Dec1 Bid Price is US$2,238 per tonne, and Dec1 Offer Price is US$2,243 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1186450 tonnes, total Live Warrants is 944050 tonnes, and Cancelled Warrant is 242400 tonnes.  

                   

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2,434 per tonne on November 1, to US$2,412 per tonne on November 2.

The most active aluminium contract on Shanghai Futures Exchange, SHFE 1712 aluminium opened at RMB 16,230 per tonne on Thursday, November 2, after closing at RMB 16,140 per tonne on Wednesday.

The latest SHFE aluminium price movement is as follows:

Source: www.shfe.com.cn/en/products/Aluminum/

SHFE aluminium is expected to trade within a close range in the near term.

Tagged with:

Aluminium Price LME Inventory

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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