
The US dollar held around one-week highs on Tuesday against a basket of other currencies, as investors digested mixed economic data and the latest development on US-China trade. LME base metals closed higher on Tuesday. Aluminium climbed 1%. The SHFE complex saw mixed performance overnight. Aluminium inched up 0.07%.
LME aluminium lost some gains over the day but picked up during night trading. Three-month LME aluminium rose 1.03% to end at its highest in more than a week at US$1,760 per tonne on Tuesday. LME aluminium stocks declined 550 tonne on the day, the first decrease in several days. LME aluminium is expected to move sideways between US$1,740-1,760 per tonne today.
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As on November 26, Tuesday, LME aluminium cash (bid) price stood at US$ 1749.50 per tonne, LME official settlement price stands at US$ 1750.50 per tonne; 3-months bid price stands at US$ 1742 per tonne, 3-months offer price is US$ 1742.50 per tonne; Dec 20 bid price stands at US$ 1807 per tonne, and Dec 20 offer price stands at US$ 1812 per tonne.
The LME aluminium opening stock dropped slightly to 1229475 tonnes. Live Warrants totalled at 1049800 tonnes, and Cancelled Warrants were 179675 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1738 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) remains unchanged at US$ 2005 per tonne today November 27, 2019.
Limited clarity around the development of fundamentals kept the most-active SHFE 2001 contract rangebound yesterday, which lost 0.58% on the day and finished at RMB13,755 per tonne. SHFE 2001 contract hovered to end 0.07% higher at RMB 13,775 per tonne overnight, as weakening fundamentals grew morale among shorts. SHFE aluminium is likely to trade between RMB 13,650-13,800 per tonne today, with spot premiums of RMB 100-140 per tonne over the SHFE 1912 contract.
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