Three-month LME aluminium fell nearly 1% to end at $1612/t; SHFE price up for the fifth straight day

The US dollar was hemmed into a narrow range on Friday, while European stocks closed lower as concern over a spike in US coronavirus infections tempered the optimism arising from upbeat economic data out of the US, China and the eurozone.

Three-month LME aluminium fell 0.74 per cent to end at a session-low of US$ 1,612 per tonne on Friday, July 3. It advanced 0.91 per cent on the week, marking the third straight weekly gain. It is likely to move between US$1,600-1,640 per tonne today.

As of Friday, July 3, LME aluminium cash (bid) price and LME official settlement price declined from US$ 1601.50 per tonne to US$ 1581.50 per tonne. 3-months bid price and 3-months offer price stood at US$ 1614 per tonne after decreasing by US$ 7.5 per tonne from the previous day. Dec 21 bid price and Dec 21 offer price came in at US$ 1716 per tonne compared to US$ 1720.50 per tonne.

The LME aluminium opening stock totalled 1629275 tonnes. Live Warrants hovered at 1457700 tonnes, while Cancelled Warrants 171575 tonnes.

LME aluminium 3-months Asian Reference Price stood at US$ 1622.32per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE further increased for the fifth consecutive day to stand at US$ 2038 per tonne on Monday, July 6.

The most-liquid SHFE August contract notched a new more than five-month high of RMB 14,075 per tonne, before ending up 0.54 per cent at RMB 14,055 per tonne. For the week, it advanced 3.31 per cent.

Today, it is expected to move between RMB 13,900-14,200 per tonne, while spot premiums to edge down on the continued ascent in futures prices.