The US dollar fell against a broad range of currencies after Wall Street sank overnight even as the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak.
Three-month LME aluminium rebounded towards the US$ 1,700 per tonne mark after touching an intraday low of US$ 1,654 per tonne. It later eased to end at US$ 1,681 per tonne. LME aluminium is likely to move between US$ 1,640 per tonne and US$ 1,700 per tonne today.
{alcircleadd}
As of Monday, March 16, LME aluminium cash (bid) price came in at US$ 1640 per tonne and LME official settlement price stood at US$ 1640.5 per tonne after declining by US$ 36.5 per tonne from Friday, March 13. 3-months bid price slipped from US$ 1695 per tonne to US$ 1654 per tonne, while 3-months offer price from US$ 1696 per tonne to US$ 1655 per tonne. Dec 21 bid price hovered at US$ 1743 per tonne and Dec 21 offer price at US$ 1748 per tonne.
The LME aluminium opening stock dropped to 978450 tonnes from 987175 tonnes. Live Warrants stood at 798200 tonnes and Cancelled Warrants at 180250.
LME aluminium 3-months Asian Reference Price hovered at US$ 1667.86 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE declined from US$ 1828 per tonne on Monday, March 16 to US$ 1815 per tonne on Tuesday, March 17.
The most-active SHFE May contract relinquished gains from the previous session as it slipped to an intraday low of RMB 12,795 per tonne and closed 0.35 per cent lower on the day at RMB 12,820 per tonne. The SHFE March contract was delivered today with the settlement price of RMB 12,710 per tonne and the delivery volume of 98,050 tonnes.
The most-active SHFE 2005 contract is trading at RMB 12,650-13,000 per tonne. Spot discounts are seen at a maximum of RMB 40 per tonne against the SHFE 2004 contract.
Responses
