
The US dollar held onto three-week highs against a basket of its rivals on Monday. LME base metals closed mixed on Monday and aluminium dropped further.
LME aluminium continued its downturn yesterday. Three-month LME aluminium recovered from a low and finished 0.12% higher at US$1,741 per tonne last Friday night. However, it plunged yesterday and closed Monday’s trading at US$ 1722.50 per tonne. LME aluminium may fall to US$1,698 per tonne this week, as suggested by its wave pattern and a projection analysis. Resistance is seen at US$1,748, a break above which may lead to a gain into the range of US$1,764-$1,780 per tonne.
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As on September 30, Monday, LME aluminium cash (bid) price stood at US$ 1703 per tonne, LME official settlement price stands at US$ 1703.50 per tonne; 3-months bid price stands at US$ 1721.50 per tonne, 3-months offer price is US$ 1722.50per tonne; Dec 20 bid price stands at US$ 1802 per tonne, and Dec 20 offer price stands at US$ 1807 per tonne.
The LME aluminium opening stock increased to 927475 tonnes. Live Warrants totalled at 738425 tonnes, and Cancelled Warrants were 189050 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1743 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) drops to USD 2028 per tonne as updated on 1 October 2019 before the holidays.
China market and the Shanghai Futures Exchange (SHFE) will remain closed from Tuesday October 1 to Monday October 7 for the National Day holiday.
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