Three-month LME aluminium rose to its highest in more than a week; SHFE weakened 0.84% to RMB14,120/t

The US dollar recovered from earlier losses to hold near a one-month high against a basket its rivals on Tuesday. Three-month LME aluminium rose to its highest in more than a week at US$1,827 per tonne, up 0.55% on the day. The contract is likely to trade between US$1,800-1,830 per tonne today.

As on Tuesday January 21, LME aluminium cash (bid) price stands at US$ 1810 per tonne, LME official settlement price stands at US$ 1810.5 per tonne; 3-months bid price stands at US$ 1817.5 per tonne, 3-months offer price is US$ 1818 per tonne; Dec 20 bid price stands at US$ 1942 per tonne, and Dec 20 offer price stands at US$ 1947 per tonne.

The LME aluminium opening stock stood at 1309050 tonnes. Live Warrants totalled 666775 tonnes, and Cancelled Warrants were 642275 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1805.03 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) decreased to US$2055 per tonne on Wednesday, 22 January 2020.

Shanghai base metals dropped across the board on Tuesday. The most traded SHFE 2003 contract ended RMB14,120 per tonne, down 0.84% on the day.

The most traded SHFE 2003 contract weakened 0.25% to RMB14,135 per tonne in overnight trading, as consumption was muted ahead of the Chinese New Year holiday. It is likely to move at RMB14,000-14,200 per tonne today, with spot discounts at RMB120-80 per tonne against the SHFE 2002 contract.