
The US dollar dived against the euro and yen on Monday, 9 March. The dollar index, which tracks the greenback against a basket of other currencies, slipped to the lowest level since September 2018 at 94.63. LME aluminium gained 0.21%.
Three-month LME aluminium dropped to the lowest level since October 2016 at US$1,644 per tonne, before it regained the losses and closed up 0.21% on the day at US$1,694 per tonne. Shanghai Metals Market expects the contract to trade at US$1,650-1,710 per tonne today.
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As on Monday March 9, LME aluminium cash (bid) price stands at US$ 1643 per tonne, LME official settlement price stands at US$ 1643.5 per tonne; 3-months bid price stands at US$ 1665.5 per tonne, 3-months offer price is US$ 1666.5 per tonne; Dec 21 bid price stands at US$ 1783 per tonne, and Dec 21 offer price stands at US$ 1788 per tonne.
The LME aluminium opening stock stood at 1019950 tonnes. Live Warrants totalled 797800 tonnes, and Cancelled Warrants were 222150 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1662 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE decreased from US$1856 per tonne to US$1852 per tonne on Tuesday, 10 March 2020.
SHFE aluminium dropped 2.1% on Monday. The most-active SHFE 2005 contract dropped to its lowest since January 2017 at RMB12,830 per tonne in afternoon trade, before it recouped some losses to end at RMB12,890 per tonne. The contract is expected to trade at RMB12,750-13,050 per tonne.
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