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22 APRIL 2019 AL CIRCLE

SHFE aluminium continues bullish trend during Friday night; LME remains closed for Good Friday holiday

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar index dipped amid the holiday-thin trades, after the release of disappointing US homebuilding data. SHFE base metals rose across the board on Friday night, aluminium advanced close to 0.5%. The London Metal Exchange closed for the Good Friday holiday.

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As on April 18, LME aluminium cash (bid) price stood at US$ 1838.50 per tonne, LME official settlement price stands at US$ 1839 per tonne; 3-months bid price stands at US$ 1854 per tonne, 3-months offer price is US$ 1854.50 per tonne; Dec 20 bid price stands at US$ 1983 per tonne, and Dec 20 offer price stands at US$ 1988 per tonne. 

The LME aluminium opening stock dropped to 1053925 tonnes. Live Warrants totalled at 664950 tonnes, and Cancelled Warrants were 388975 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1845 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2105 per tonne today from US$ 2100 per tonne on April 19.

The most-liquid SHFE June contract extended its increase as longs pulled it to a high of RMB 14,095 per tonne and settled it at RMB14,080 per tonne. A buildup of long positions pushed the most traded SHFE June contract to as high as RMB14,145 per tonne, a peak for 2019, on Friday night before it closed 0.46% higher at RMB14,130 per tonne. SHFE aluminium is expected to trade between RMB 14,050-14,150 per tonne today, with spot discounts of up to RMB 40 per tonne. Shanghai Metals Market retains a bullish outlook on aluminium prices in the short and medium term.

Tagged with:

Aluminium Price LME

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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