Three-month LME aluminium dropped to its lowest since January 2016; SHFE reopens higher after Qingming holiday
The US dollar held firm at more than one-week highs against a basket of currencies on Monday, April 6. LME aluminium closed lower overnight. The SHFE kept its night trading session suspended.
Three-month LME aluminium fell to its lowest since January 2016 at US$1,459.5 per tonne in late European trading session. It closed the day lower at US$1,475 per tonne. Shanghai Metals Market expects the contract to move at US$1,450-1,500 per tonne today,
As of Monday, April 6, LME aluminium cash (bid) price stands at US$ 1424.50 per tonne, LME official settlement price stands at US$ 1424.50 per tonne; 3-months bid price stands at US$ 1460.50 per tonne, 3-months offer price is US$ 1460.50 per tonne; Dec 21 bid price stands at US$ 1594 per tonne, and Dec 21 offer price stands at US$ 1594 per tonne.
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The LME aluminium opening stock stood at 1213400 tonnes. Live Warrants totalled 1071825 tonnes, and Cancelled Warrants were 141575 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1480.94 per tonne.
SHFE Aluminium Price Trend
The market resumes trading on April 7, 2020.
Benchmark aluminium price for SHFE stood at US$1650 per tonne on Tuesday, 07 April 2020.
The SHFE 2006 contract is likely to move within a range of RMB 11,400-11,750 per tonne. Spot prices are seen at a discount of up to RMB 10 per tonne to a premium of up to RMB 10 per tonne.
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