
The US dollar declined on Tuesday as risk appetite returned to the market after the better-than-expected economic data from China dispelled some concerns about the coronavirus impact on the world’s second-largest economy. The dollar index, which tracks the greenback against a basket of other currencies, eased 0.63% and ended at 98.875.
Three-month LME aluminium rebounded after the decline, closing up 2.09 per cent higher on the day at US$ 1,515 per tonne with short covering their positions. The most-traded SHFE contract has increased to a more than three-week high, with the trading range expected between RMB 11,600 per tonne and RMB 11,850 per tonne today.
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As of Tuesday, April 14, both LME aluminium cash (bid) price and LME official settlement price stood at US$ 1456 per tonne, after rising from US$ 1428.50 per tonne on Thursday, April 9. 3-months bid price and 3-months offer price came in at US$ 1495 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1629.50 per tonne.
The LME aluminium opening stock stood at 1248000 tonnes, compared to 1239700 tonnes on Monday, April 13. Live Warrants totalled at 1117575 tonnes and Cancelled Warrants 130425 tonnes.
LME aluminium 3-months Asian Reference Price rose from US$ 1477.84 per tonne to US$ 1499.57per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE grew today, on April 15, from RMB 1670 per tonne to RMB 1681 per tonne.
The most-traded SHFE June contract also boomeranged, ending the day 0.1 per cent weaker at RMB 11,770 per tonne.
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