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19 NOVEMBER 2019 AL CIRCLE

Three-month LME aluminium declined 1.19% to US$1736.5/t; SHFE aluminium gained 0.4%

EDITED BY : HEENA IQBAL 2MINS READ

The US dollar extended its decline against a basket of its rivals on Monday. LME base metals closed lower across the board on Monday. LME aluminium fell 1.2% and SHFE aluminium gained 0.4%.

LME aluminium opened the week higher at US$1744 per tonne on Monday, November 18.Three-month LME aluminium dropped 1.19% to US$1736.5 per tonne, reversing gains from last Friday. LME aluminium is expected to trade between US$1730-1750 per tonne today. 

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As on November 18, Monday, LME aluminium cash (bid) price stood at US$1743.50 per tonne, LME official settlement price stands at US$ 1744 per tonne; 3-months bid price stands at US$ 1745 per tonne, 3-months offer price is US$ 1746 per tonne; Dec 20 bid price stands at US$ 1813 per tonne, and Dec 20 offer price stands at US$ 1818 per tonne.

The LME aluminium opening stock increased to 1156250 tonnes. Live Warrants totalled at 1009700 tonnes, and Cancelled Warrants were 146550 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1757.65 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) decreased to US$ 2006 per tonne today November 19, 2019.

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The most-liquid SHFE 2001 contract recovered losses from the previous week, as departing shorts and rising longs amid improved market sentiment sent the contract to a high of RMB13,800 per tonne, before it ended up 0.8% at RMB13,795 per tonne, Shanghai Metals Market reported.

The most traded SHFE 2001 contract held in a tight range overnight, ending up 0.44% at RMB13,760 per tonne. SHFE aluminium remained supported by falling inventories of primary aluminium. The contract is expected to trade between RMB13,700-13,780 per tonne today, with spot premiums of RMB60-100 per tonne over the SHFE 1912 contract.

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EDITED BY : HEENA IQBAL 2MINS READ

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