
The US dollar index, which measures the greenback against a basket its rivals, fell on Monday, after rising for three consecutive trading days. LME aluminium added 0.7% and SHFE aluminium advanced about 0.1%.
Three-month LME aluminium climbed to its highest since July 22 at US$1,835 per tonne on Monday, before it ended the trading day 0.71% stronger at US$1,832 per tonne. It is likely to trade at US$1,800-1,840 per tonne today.
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As on January 6, Monday, LME aluminium cash (bid) price stands at US$ 1790 per tonne, LME official settlement price stands at US$ 1791 per tonne; 3-months bid price stands at US$ 1820 per tonne, 3-months offer price is US$ 1822 per tonne; Dec 20 bid price stands at US$ 1955 per tonne, and Dec 20 offer price stands at US$ 1960 per tonne.
The LME aluminium opening stock decreased to 1463200 tonnes. Live Warrants totalled at 938650 tonnes, and Cancelled Warrants were 524550 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1818.98 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) decreased to US$2064 per tonne on Tuesday, 07 January 2020.
The most-active SHFE 2002 contract pared gains after moved to a high of RMB14,145 per tonne, closing 0.64% higher on the day at RMB14,105 per tonne. Prices were supported as primary aluminium inventories did not build up as expected over the weekend.
The most traded SHFE 2002 contract hovered in a RMB40 per tonne range around RMB14,110 per tonne overnight. It closed 0.11% higher at RMB14,115 per tonne. It is likely to trade at RMB14,000-14,200 per tonne today, with spot premiums at RMB100-140 per tonne.
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