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30 OCTOBER 2017 AL CIRCLE

Strong dollar weighs on LME aluminium; price falls below US$2,120/t

EDITED BY : DIPANWITA GUPTA 2MINS READ

LME aluminium prices slid on Friday, October 27, reversing the uptrend the light metal has been following, as dollar strengthened towards the end of the week. The greenback hit three-month highs after rallying sharply over the last few weeks. LME aluminium closed at US$2,119 per tonne after Friday’s night trading, down from its earlier close at US$2,175 per tonne on October 26.  

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As on October 27, LME official cash buyer aluminium price (Bid Price) stands at US$2,118 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,119 per tonne, 3M Bid Price is US$2,141 per tonne, 3M Offer Price is US$2,142 per tonne, Dec1 Bid Price is US$2,185 per tonne, and Dec1 Offer Price is US$2,190 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1196600 tonnes, total Live Warrants is 943150 tonnes, and Cancelled Warrant is 253450 tonnes.                              

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2,436 per tonne on October 27, to US$2,423 per tonne on October 30.

A stronger US dollar dragged the overall base metal complex down on last Friday’s night trading. The base metal prices, including SHFE aluminium, are expected to trade in a wider range in the short term. The most active aluminium contract SHFE 1712 aluminium is expected to range at MB 16,350-16,550 per tonne on Monday, October 30, Shanghai Metals Market said.

With the winter cuts taking effect soon, aluminium prices are expected to stay firm through the last quarter of this financial year, SMM understands. 

Tagged with:

LME Price Inventory Aluminium

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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