
The US dollar fell from one-week highs on Tuesday, August 11, as investors flocked to currencies that benefit from an improving global market outlook.
Three-month LME aluminium finished the day 0.17 per cent firmer at US$ 1,786 per tonne on Tuesday.
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As of Tuesday, August 11, both LME aluminium cash (bid) price and LME official settlement price increased by US$ 19.5 per tonne to stand at US$ 1749.5 per tonne, following a decline of US$ 14 per tonne on the previous day. 3-months bid price and 3-months offer price rebounded to US$ 1786 per tonne, while Dec 21 bid price and Dec 21 offer price came in at US$ 1860 per tonne.
The LME aluminium opening stock continued to decline from 1621400 tonnes to 1617175 tonnes. Live Warrants hovered at 1361200 tonnes, while Cancelled Warrants at 255975 tonnes.
LME aluminium 3-months Asian Reference Price stood at US$ 1777.12per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE decreased for the fifth consecutive day to stand at US$ 2066 per tonne on Wednesday, August 12, 2020.
The most-liquid SHFE 2009 aluminium contract ended 1.59 per cent weaker at RMB 14,220 per tonne today. Open interest lost 764 lots to 122,000 lots. The contract will test support from the 40-day moving average tonight.
The most-liquid SHFE 2009 aluminium contract declined 0.31 per cent to settle at RMB 14,260 per tonne in overnight trading. It is expected to move between RMB 14,150-14,550 per tonne, while spot premiums are seen slightly lower at RMB 50-70 per tonne.
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