Three-month LME aluminium rallied on Friday; SHFE closed higher at RMB11,740 /t

The US dollar fell against a basket of currencies for a fourth straight day on Friday March 27. LME aluminium rose 0.8%. The SHFE kept its night trading session suspended.

Three-month LME aluminium rallied on Friday. It finished the day at US$1,552.5 per tonne, a weekly decline of 1.6%. Shanghai Metals Market expects the contract to trade at US$1,520-1,560 per tonne today.

As on Friday March 27, LME aluminium cash (bid) price stands at US$ 1506 per tonne, LME official settlement price stands at US$ 1506 per tonne; 3-months bid price stands at US$ 1538.50 per tonne, 3-months offer price is US$ 1538.50 per tonne; Dec 21 bid price stands at US$ 1656.5 per tonne, and Dec 21 offer price stands at US$ 1656.5 per tonne.

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The LME aluminium opening stock stood at 1131675 tonnes. Live Warrants totalled 969075 tonnes, and Cancelled Warrants were 162600 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1551.41 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased from US$1646 per tonne to US$1629 per tonne on Monday, 30 March 2020.

The most-traded SHFE May contract slipped to a session low of RMB11,575 per tonne on Friday. It closed 0.73% higher on the day at RMB11,740 per tonne. The SHFE 2005 contract is likely to move between RMB11,270-11,950 per tonne.