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20 JANUARY 2020 AL CIRCLE

Three-month LME aluminium closed lower at US$1,805.5/t on Friday; SHFE aluminium advanced 1.23%

EDITED BY : HEENA IQBAL 2MINS READ

The US dollar rose a four-week high against a basket its rivals on Friday. LME base metals closed mixed on Friday. LME aluminium shed 0.2% and SHFE aluminium lost 0.3%.

LME aluminium gained to close Friday’s trading 0.11% higher at US$1,796/t on Friday. Three-month LME aluminium ended at US$1,805.5 per tonne on Friday, down 0.19%. LME aluminium is expected to remain rangebound today, between US$1,790-1,820 per tonne.

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As on Friday January 17, LME aluminium cash (bid) price stands at US$ 1795.5 per tonne, LME official settlement price stands at US$ 1796 per tonne; 3-months bid price stands at US$ 1807.5 per tonne, 3-months offer price is US$ 1808 per tonne; Dec 20 bid price stands at US$ 1937 per tonne, and Dec 20 offer price stands at US$ 1942 per tonne.

The LME aluminium opening stock stood at1340725tonnes. Live Warrants totalled at 669325 tonnes, and Cancelled Warrants were 671400 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1812 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) decreased to US$2098 per tonne on Monday, 20 January 2020.

The most-traded SHFE 2003 contract hovered at high levels above the Bollinger upper band, with support from loaded-up longs even as short positions also built up. Smaller-than-expected accumulation in social inventories of primary aluminium lifted morales of bullish positions, according to an SMM.

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The most traded SHFE 2003 contract traded lower at RMB14,245 per tonne in Friday night’s trading. The contract is likely to move at RMB14,200-14,350 per tonne today, with spot premiums at RMB60-100 per tonne over the SHFE 2002 contract.

Tagged with:

Aluminium Price LME

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EDITED BY : HEENA IQBAL 2MINS READ

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