
The US dollar changed against a basket of currencies on Thursday, October 8, as investors waited for fresh news on whether new US fiscal stimulus is likely in the near term.
Three-month LME aluminium settled at US$ 1,799 per tonne on Thursday, up US$ 36 per tonne from the closing price on September 30. Market sentiment improved as the effect of easy US monetary policies offset worries about a second wave of coronavirus cases. LME aluminium is likely to fluctuate between US$ 1,780 per tonne and US$ 1,820 per tonne today.
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As of Thursday, October 8, both LME aluminium cash (bid) price and LME official settlement price jumped from US$ 1745.50 per tonne to US$ 1786 per tonne. 3-months bid price and 3-months offer price stood at US$ 1802 per tonne, up by US$ 29.50 per tonne from US$ 1772.50 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1855.50 per tonne.
The LME aluminium opening stock extended decline from 1428475 tonnes to 1423075 tonnes. Live Warrants stood at 1114850 tonnes, while Cancelled Warrants at 308225 tonnes.
LME aluminium 3-months Asian Reference Price came in at US$ 1792.59 per tonne, as of October 8.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE resumed the market after National Day and Mid-Autumn Festival holidays from October 1- 8 at US$ 2181 per tonne on October 9. This marks the fourth consecutive rise since September 28.
The most-liquid SHFE 2011 aluminium contract closed at RMB 14,145 per tonne as of September 30, and is expected to move between RMB 14,300-14,700 per tonne today.
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