Three-month LME aluminium fell from an intraday high to close at $1789.50/t; SHFE price decreased to $2139/t

On Wednesday, September 16, three-month LME aluminium fell from an intraday high of US$ 1,804.50 per tonne to close at an intraday low of US$ 1,789.50 per tonne. It is likely to fluctuate between US$ 1,770-1,820 per tonne today.

LME aluminium cash (bid) price and LME official settlement price declined to US$ 1759 per tonne on Wednesday, September 16, following a hike last day from US$ 1749 per tonne to US$ 1767 per tonne. 3-months bid price and 3-months offer price hovered at US$ 1798 per tonne, down from US$ 1806.50 per tonne on September 15. Dec 21 bid price and Dec 21 offer price came in at US$ 1873 per tonne.

The LME aluminium opening stock stood at 1510400 tonnes. Live Warrants hovered at 1251175 tonnes, while Cancelled Warrants at 259225 tonnes.

LME aluminium 3-months Asian Reference Price was at US$ 1798.72 per tonne, as of September 16.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased to stand at US$ 2139 per tonne on Thursday, September 17.

The most-liquid SHFE 2010 aluminium contract closed up 0.31 per cent at RMB 14,550 per tonne. Open interest remained unchanged and stood at 123,000 lots. The uncertainty of the demand end limited the upward room in the near term. The macro data and the flow of the fund will come under scrutiny.

The most-active SHFE 2010 aluminium contract inched up 0.14 per cent to settle at RMB 14,565 per tonne in overnight trading. Commissioning of new capacities and tepid consumption are likely to limit upward space for SHFE aluminium. The October contract is expected to trade between RMB 14,450-14,650 per tonne today, while spot premiums are seen higher at about RMB 120 per tonne.

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