Three-month LME aluminium dropped to the lowest level since November 2016; SHFE aluminium fell 2.5%

The US dollar declined to a 20-week low against the Japanese yen on last Friday. LME base metals closed mostly lower on Friday. But LME aluminium gained 0.65%.

Three-month LME aluminium fell to the lowest level since November 2016, at US$1,665 per tonne. But it closed 0.65% higher on the day at US$1,701.5 per tonne. The contract is likely to trade between US$1,670-1,710 per tonne today.

As on Friday February 28, LME aluminium cash (bid) price stands at US$ 1662.5 per tonne, LME official settlement price stands at US$ 1663 per tonne; 3-months bid price stands at US$ 1679 per tonne, 3-months offer price is US$ 1680 per tonne; Dec 21 bid price stands at US$ 1808 per tonne, and Dec 21 offer price stands at US$ 1813 per tonne.

The LME aluminium opening stock dropped to 1082150 tonnes. Live Warrants totalled 791850 tonnes, and Cancelled Warrants were 290300 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1667 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased to US$1882 per tonne on Monday, 02 March 2020.

The most-active SHFE 2004 contract fell all the way to its lowest since mid-January 2017 at RMB13,070 per tonne, before it ended at RMB13,110 per tonne to post a 3.5% weekly fall, according to an SMM. The contract is expected to trade at RMB13,100-13,400 per tonne.