Three-month LME aluminium settled at a two-week low of US$1960.50/t; SHFE showed restraint
Three-month LME aluminium declined 0.83 per cent to settle at a two-week low of US$ 1,960.50 per tonne on Monday, February 1.
LME aluminium cash (bid) price and LME official settlement price started the week and also the month on Monday, February 1, with a drop of US$ 1.5 per tonne to stand at US$ 1985.50 per tonne, following an increase of US$ 8 per tonne to stand at US$ 1987 per tonne on Friday. 3-months bid price and 3-months offer price stood at US$ 1982.50 per tonne, down by US$ 5 per tonne from US$ 1987.50 per tonne. Dec 21 bid price and Dec 21 offer price came in at US$ 2058.50 per tonne.
The LME aluminium opening stock decreased to 1428175 tonnes from 1431050 tonnes. Live Warrants totalled 1161400 tonnes, while Cancelled Warrants at 266775 tonnes.
LME aluminium 3-months Asian Reference Price hovered around US$ 1994.67 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE stood flat at US$ 2352 per tonne on Tuesday February 2.
The most-liquid SHFE 2103 aluminium contract inched up 0.13 per cent to close at RMB 15,220 per tonne in overnight trading, with open interest decreasing 1,540 lots to 173,000 lots. It is expected to move between RMB 14,900-15,200 per tonne today, while spot premiums will be seen at RMB 0-20 per tonne.
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