Three-month LME aluminium closed 0.3% higher at US$1,496.5/t; SHFE aluminium climbed 1.05%

The US dollar index, which tracks the greenback against a basket of its peers, has returned above the 100-mark. LME base metals closed mostly higher on Monday. LME aluminium gained 0.3% and SHFE aluminium rose 0.8%.

Three-month LME aluminium closed 0.3% higher at US$1,496.5 per tonne. Shanghai Metals Market expects the contract to move to US$1,480-1,510 per tonne.

As of Monday, May 11, "LME aluminium cash (bid) price" stands at US$ 1454.50 per tonne, LME official settlement price stands at US$ 1454.50 per tonne; 3-months bid price stands at US$ 1490.50 per tonne, 3-months offer price is US$ 1490.50 per tonne; Dec 21 bid price stands at US$ 1616 per tonne, and Dec 21 offer price stands at US$ 1616 per tonne.

The LME aluminium opening stock stood at 1352525 tonnes. Live Warrants totalled 1176650 tonnes, and Cancelled Warrants were 175875 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1492.60 per tonne.

SHFE Aluminium Price Trend

"Benchmark aluminium price for SHFE" increased to stand at US$ 1837 per tonne on Tuesday, 12 May 2020.

The most-liquid SHFE contract lost hit an intraday high of RMB12,560 per tonne. It hovered around RMB12,535 per tonne before ending at that level, up 1.05% on the day.

The most active SHFE July contract jumped to a session-high of RMB12,620 per tonne in early trade overnight. It ended 0.76% higher at RMB12,600 per tonne. The contract is expected to trade at RMB 12,500-12,800 per tonne today.