Three-month LME aluminium dropped during the European trading session; SHFE aluminium dipped 0.11%

The US dollar fell on Wednesday. The dollar index, which tracks the greenback against a basket of other currencies, dipped 0.01% and ended at 98.32. SHFE base metals followed the LME complex lower overnight. SHFE aluminium lost 0.11% and LME aluminium shed 0.87%.

Benchmark aluminium price on London Metal Exchange closed at US$1768 per tonne on Wednesday, November 14, down 0.14% from previous closing at US$ 1765.5 per tonne. Three-month LME aluminium declined during the European trading session, and dipped to a low of US$1762 per tonne. It ended lower at US$1765.5 per tonne. LME aluminium is likely to trade at US$1760-1800 per tonne today. 

As on November 13, Wednesday, LME aluminium cash (bid) price stood at US$ 1767 per tonne, LME official settlement price stands at US$ 1768 per tonne; 3-months bid price stands at US$ 1768 per tonne, 3-months offer price is US$ 1769 per tonne; Dec 20 bid price stands at US$ 1838 per tonne, and Dec 20 offer price stands at US$ 1843 per tonne.

The LME aluminium opening stock increased to 945900 tonnes. Live Warrants totalled at 792925 tonnes, and Cancelled Warrants were 152975 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1773.12 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) dropped to US$ 2013 per tonne today November 14, 2019.

The SHFE 1912 contract hovered in a tight range during the daytime session to end down 0.47% at RMB13,805 per tonne. The most-active SHFE contract found support from RMB13,720 per tonne, finishing at RMB13,725 per tonne. A continued decline in domestic inventories of primary aluminium will likely trigger a price rally today. The contract is expected to trade between RMB13,720-13,760 per tonne today.