
The US dollar hit a new two-month high against a basket its rivals on Thursday, as China announced it will halve tariffs on a slew of US products. LME aluminium advanced 0.9% and SHFE aluminium gained 0.4%.
Three-month LME aluminium recovered earlier losses to a one-week high of US$1,751 per tonne on Thursday before closing the trading day 0.9% higher at US$1,740.5 per tonne. The contract is likely to move at US$1, 720-1,760 per tonne today.
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As on Thursday February 6, LME aluminium cash (bid) price stands at US$ 1697 per tonne, LME official settlement price stands at US$ 1698 per tonne; 3-months bid price stands at US$ 1722.5 per tonne, 3-months offer price is US$ 1723.5 per tonne; Dec 21 bid price stands at US$ 1853 per tonne, and Dec 21 offer price stands at US$ 1858 per tonne.
The LME aluminium opening stock decreased to 1257750 tonnes. Live Warrants totalled 845900 tonnes, and Cancelled Warrants were 411850 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1728.50 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE increased to US$1958 per tonne Friday, 07 February 2020.
The most-traded SHFE 2003 contract ended 0.4% higher on the day at RMB13,670 per tonne. SMM retains the view that the price rally will be capped before full recovery of downstream consumers. SHFE aluminium is likely to trade at RMB13,500-13,800 per tonne today.
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