Three-month LME aluminium recovered slightly; SHFE aluminium shed 1.1%
The US dollar rose on Tuesday as US President Donald Trump reiterated the United States is close to signing a trade deal with China but offered no new details. The dollar index, which tracks the greenback against a basket of other currencies, gained 0.13% and ended at 98.34. LME base metals and the SHFE complex mostly fell. LME aluminium increased 0.17% and SHFE aluminium fell 0.43%.
LME aluminium closed 2.19% lower at US$ 1765.5 per tonne on Tuesday. Three-month LME aluminium recovered slightly after a sharp drop Monday, ending at US$1781 per tonne. LME aluminium is likely to trade at US$1770-1790 per tonne today.
As on November 12, Tuesday, LME aluminium cash (bid) price stood at US$ 1765 per tonne, LME official settlement price stands at US$ 1765.50 per tonne; 3-months bid price stands at US$ 1766 per tonne, 3-months offer price is US$ 1768 per tonne; Dec 20 bid price stands at US$ 1835 per tonne, and Dec 20 offer price stands at US$ 1840 per tonne.
The LME aluminium opening stock increased to 942125 tonnes. Live Warrants totalled at 782925 tonnes, and Cancelled Warrants were 159200 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1780.32 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) dropped to US$ 2015 per tonne today November 13, 2019.
The SHFE 1912 contract fell to its lowest in more than a week at RMB13,810 per tonne in morning trade. It ended the trading day 1.07% lower at RMB13,815 per tonne. The SHFE December contract consolidated between RMB13,790-13,820 per tonne with the upside room being capped by pressure from the RMB13,820 per tonne level. The contract is expected to trade between RMB13,750-13,850 per tonne today.
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