
The US dollar rose against a basket its rivals for a second straight day on Tuesday. LME base metals cruised broadly higher on Tuesday. LME aluminium gained closed to 0.2%.
Three-month LME aluminium boomeranged on Tuesday, creeping up to an intraday high of US$1,721 per tonne before sinking to a multi-year low of 1,685 per tonne. It closed at US$1,699 per tonne, up 0.15%. It is likely to trade at US$1, 680-1,730 per tonne today.
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As on Tuesday February 4, LME aluminium cash (bid) price stands at US$ 1686.5 per tonne, LME official settlement price stands at US$ 1687 per tonne; 3-months bid price stands at US$ 1712 per tonne, 3-months offer price is US$ 1713 per tonne; Dec 21 bid price stands at US$ 1845 per tonne, and Dec 21 offer price stands at US$ 1850 per tonne.
The LME aluminium opening stock decreased to 1257950 tonnes. Live Warrants totalled 816675tonnes, and Cancelled Warrants were 441275 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1707.68 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE increased to US$1941 per tonne on Wednesday, 05 February 2020.
The most-liquid SHFE 2003 contract lost 0.37% on the day and closed at RMB13,605 per tonne. The contract may unlikely to recover significantly before the resumption of downstream demand. The most traded SHFE 2003 contract is likely to move at RMB13,400-13,800 per tonne today.
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