
The US dollar slipped on Tuesday as risk sentiment returned to the market amid a reopening world economy and this subdued demand for the safe-haven currency.
Three-month LME aluminium climbed and found steady support from US$ 1,520 per tonne ending the day 1.2 per cent higher at US$ 1,521.5 per tonne. Bullish prospects for demand may keep prices between US$ 1,500 per tonne and US$ 1,540 per tonne today.
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As of Tuesday, May 26, LME aluminium cash (bid) price and LME official settlement price stood at US$ 1486 per tonne, up by US$ 13 per tonne from US$ 1473 per tonne on Friday, May 22. 3-months bid price and 3-months offer price increased from US$ 1498.50 per tonne to US$ 1513 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1629.50 per tonne compared to US$ 1616 per tonne on May 22.
The LME aluminium opening stock decreased from 1458100 tonnes to 1479000 tonnes. Live Warrants totalled 1251350 tonnes, and Cancelled Warrants 227650 tonnes.
LME aluminium 3-months Asian Reference Price hovered at US$ 1510.49 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE stood lower today on Wednesday, May 27, at US$ 1847 per tonne.
The most-traded SHFE July contract rose for the third consecutive day and settled at RMB 12,940 per tonne, up 0.78 per cent on the day. Healthy profits and brisk consumption continued to promote the commissioning of new capacity in China. Today, the contract is likely to move between RMB 12,700 per tonne and RMB 13,100 per tonne.
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