Three-month LME aluminium dropped for the second consecutive day; SHFE closed higher at RMB13,715/t

The US dollar continued to rise and hit a four-month high against the euro on Monday. LME base metals closed mixed on Monday. LME aluminium fell 0.81%.

Three-month LME aluminium dropped for the second consecutive day. It finished the Monday session at US$1,707 per tonne, down 0.81%. The contract is likely to move at US$1, 700-1,760 per tonne today.

As on Monday February 10, LME aluminium cash (bid) price stands at US$ 1675.5 per tonne, LME official settlement price stands at US$ 1676 per tonne; 3-months bid price stands at US$ 1704 per tonne, 3-months offer price is US$ 1705 per tonne; Dec 21 bid price stands at US$ 1835 per tonne, and Dec 21 offer price stands at US$ 1840 per tonne.

The LME aluminium opening stock decreased to 1229700 tonnes. Live Warrants totalled 8822600 tonnes, and Cancelled Warrants were 407100 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1729.87per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE increased to US$1963 per tonne on Tuesday, 11 February 2020.

The most-active SHFE 2003 contract recovered from a lower open to close the day 0.11% higher at RMB13,715 per tonne. It has risen for four consecutive days, and weak demand is likely to limit upside in SHFE aluminium, according to an SMM. SHFE aluminium is likely to trade at RMB13,600-13,800 per tonne today.