
The US dollar slid on Thursday, August 13, against some major currencies such as the euro, Swiss franc, and sterling, weighed down by the impasse in Congress about additional US stimulus to help cope with the coronavirus pandemic.
Three-month LME aluminium also trended lower on Thursday, ending 1.2 per cent weaker at US$ 1,763.5 per tonne.
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As of Thursday, August 13, LME aluminium cash (bid) price and LME official settlement price stood at US$ 1738 per tonne, registering an increase of of US$ 8 per tonne on August 12. 3-months bid price and 3-months offer price grew from US$ 1766 per tonne to US$ 1774 per tonne. Dec 21 bid price and Dec 21 offer price came in at US$ 1849 per tonne.
The LME aluminium opening stock declined to 1600525 tonnes. Live Warrants hovered at 1361000 tonnes, while Cancelled Warrants at 239525 tonnes.
LME aluminium 3-months Asian Reference Price stood at US$ 1787.39 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE decreased to stand at US$ 2088 per tonne on Friday, August 14, following a sharp hike from US$ 2066 per tonne to US$ 2091 per tonne on August 13.
The most-liquid SHFE 2009 aluminium contract finished the day 0.81 per cent higher at RMB 14,360 per tonne, with strong support from the 40-day moving average. Open interest lost 3,050 lots to 115,000 lots. Domestic aluminium ingot inventories increased at a slower pace on Thursday. SMM will keep a close watch on the inventories and the price spread between futures contracts.
The most-liquid SHFE 2009 aluminium contract gave up earlier gains and closed 0.52 per cent lower at RMB 14,285 per tonne in overnight trading. It is expected to move between RMB 14,200-14,650 per tonne today, while spot premiums are seen slightly lower at RMB 30-50 per tonne.
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