Three-month LME aluminium hiked 0.81% to close at $1795.5/t; SHFE increased to $2172/t

As of Friday, September 18, three-month LME aluminium increased 0.81 per cent to close at US$ 1,795.5 per tonne in choppy trading and is likely to fluctuate range-bound in the short term.

LME aluminium cash (bid) price and LME official settlement price stood at US$ 1745 per tonne on September 18, growing by US$ 1.50 per tonne from Thursday, September 17. 3-months bid price and 3-months offer price hovered at US$ 1785.50 per tonne, up by US$ 2.50 per tonne from US$ 1783 per tonne on the previous day. Dec 21 bid price and Dec 21 offer price came in at US$ 1862 per tonne.

The LME aluminium opening stock declined to 1504175 tonnes. Live Warrants stood at 1245950 tonnes, while Cancelled Warrants at 258225 tonnes.

LME aluminium 3-months Asian Reference Price was at US$ 1793.92per tonne, as of Friday, September 18.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE increased for the second day in a row to stand at US$ 2172 per tonne on Monday, September 21.

The most-liquid SHFE 2010 aluminium contract climbed to an intraday high of RMB 14,675 per tonne after opening and fluctuated between RMB 14600-14650 per tonne in afternoon trading. The contract finished the day 0.83 per cent higher at RMB 14,640 per tonne. Open interest hiked 1,228 lots to 122,000 lots. Low inventories and high basis support aluminium prices, and the capital inflow in the day actively increased its open interest. It needs higher capital participation for the contract to continue to rise.

The most-liquid SHFE 2010 aluminium contract settled 0.58 per cent firmer at RMB 14,665 per tonne on Friday night, and is expected to move between RMB 14,500-14,850 per tonne today, while spot premiums are seen at RMB 80-140 per tonne.

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