
Concerns about the extent of the coronavirus (COVID-19) in China supported the US dollar and the safe-haven yen. The US dollar index, which measures the currency against a basket of rivals, rose to its strongest since October. LME base metals fell across the board last Friday night. LME aluminium lost 1.9%.
Three-month LME aluminium was down 1.19% to end at US$1,720 per tonne. The decline was capped on the back of falling inventories of aluminium stocks. The contract is likely to trade between US$1,720-1,760 per tonne.
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As on Friday February 14, LME aluminium cash (bid) price stands at US$ 1704 per tonne, LME official settlement price stands at US$ 1704.5 per tonne; 3-months bid price stands at US$ 1733 per tonne, 3-months offer price is US$ 1734 per tonne; Dec 21 bid price stands at US$ 1863 per tonne, and Dec 21 offer price stands at US$ 1868 per tonne.
The LME aluminium opening stock stood at 1206450 tonnes. Live Warrants totalled 824150 tonnes, and Cancelled Warrants were 382300 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1740.17 tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE decreased to US$1947 per tonne on Monday, 17 February 2020.
The SHFE 2004 contract erased earlier gains to an intraday low of RMB13,695 per tonne in morning trade, before it clawed back some losses to end the day fractionally lower at RMB13,720 per tonne, according to an SMM. The contract is likely to move within a range of RMB13,600-13,800 per tonne.
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