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16 JANUARY 2020 AL CIRCLE

Three-month LME aluminium closed lower at US$1,800/t; SHFE aluminium regained losses

EDITED BY : HEENA IQBAL 2MINS READ

The US dollar fell to a one-week low against a basket its rivals on Wednesday, as the US and China signed a deal that will roll back some tariffs.

LME aluminium price closed higher at US$1,778.5 per tonne on Wednesday, from US$1,767.5 per tonne. Three-month LME aluminium ended at US$1,800 per tonne on Wednesday, 0.44% weaker. The contract is expected to trade between US$1,790-1,820 per tonne today. 

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As on Wednesday January 15, LME aluminium cash (bid) price stands at US$ 1778 per tonne, LME official settlement price stands at US$ 1778.5 per tonne; 3-months bid price stands at US$ 1805 per tonne, 3-months offer price is US$ 1805.5 per tonne; Dec 20 bid price stands at US$ 1940 per tonne, and Dec 20 offer price stands at US$ 1945 per tonne.

The LME aluminium opening stock dropped to 1367875 tonnes. Live Warrants totalled at 709475 tonnes, and Cancelled Warrants were 658400 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1799.50per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) decreased to US$2051 per tonne on Thursday, 16 January 2020.

The most-traded SHFE 2003 contract regained losses from the previous two days as loaded-up long positions pull it up above the 20-day moving average to a high of RMB13,990 per tonne, before it finished higher on the day at RMB13,970 per tonne, according to an SMM. The SHFE 2001 contract closed at RMB14,700 per tonne, 1.59% higher, with a settlement price of RMB14,630 per tonne. Elevated stocks are expected to keep aluminium prices weak before Chinese New Year holiday.

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The most traded SHFE 2003 contract erased earlier gains to close 0.11% firmer at RMB13,965 per tonne overnight, as weakening demand weighed. The contract is likely to move at RMB13,900-14,050 per tonne today, with spot discounts at RMB60-140 per tonne.

Tagged with:

Aluminium Price LME

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EDITED BY : HEENA IQBAL 2MINS READ

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