
The US dollar extended its decline to the weakest against a basket of currencies in more than a week on Thursday. LME aluminium shed 0.5% overnight. The SHFE kept its night trading session suspended.
Three-month LME aluminium slipped to its lowest since April 2016 at US$1,528 per tonne in early European trading hours. It ended the day lower at US$1,540 per tonne. Shanghai Metals Market expects the contract to trade at US$1,530-1,600 per tonne today.
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As on Thursday March 26, LME aluminium cash (bid) price stands at US$ 1507.50 per tonne, LME official settlement price stands at US$ 1507.50 per tonne; 3-months bid price stands at US$ 1539.50 per tonne, 3-months offer price is US$ 1539.50 per tonne; Dec 21 bid price stands at US$ 1656 per tonne, and Dec 21 offer price stands at US$ 1656 per tonne.
The LME aluminium opening stock stood at 1112575 tonnes. Live Warrants totalled 947300 tonnes, and Cancelled Warrants were 165275 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1544 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE increased from US$1632 per tonne to US$1646 per tonne on Friday, 27 March 2020.
The most-traded SHFE May contract stood 0.95% higher at RMB11,640 per tonne on Thursday. SMM data showed that social inventories of primary aluminium increased by 20,000 tonnes on the week to 1.67 million tonnes, as downstream demand has yet to fully recover even as the pandemic situation eased in China. The SHFE 2005 contract is likely to move between RMB11,500-12,000 per tonne.
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