
The US dollar index, which measures the greenback against a basket its rivals, rallied on Tuesday. LME aluminium closed lower on Tuesday and SHFE aluminium dipped 0.07%.
LME aluminium closed Tuesday’s trading at US$ 1794 per tonne, up 0.22% from Monday. Three-month LME aluminium pulled back on Tuesday, closing down 0.76% at US$1,818 per tonne. It is expected to trade between US$1,800-1,840 per tonne today.
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As on January 7, Tuesday, LME aluminium cash (bid) price stands at US$ 1793.50 per tonne, LME official settlement price stands at US$ 1794 per tonne; 3-months bid price stands at US$ 1826 per tonne, 3-months offer price is US$ 1826.5 per tonne; Dec 20 bid price stands at US$ 1960 per tonne, and Dec 20 offer price stands at US$ 1965 per tonne.
The LME aluminium opening stock decreased to 1451575 tonnes. Live Warrants totalled at 934600 tonnes, and Cancelled Warrants were 516975 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1831.50 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) increased to US$2066 per tonne on Wednesday, 08 January 2020.
The most-active SHFE 2002 contract trimmed some losses after slipped to an intra-day low of RMB14,035 per tonne. It closed 0.21% lower on the day at RMB14,070 per tonne.
The contract slipped to a session-low of RMB14,025 per tonne in early trade overnight, before it recovered some ground to close a tad weaker at RMB14,070 per tonne. It is likely to trade at RMB13,900-14,100 per tonne today, with spot premiums at RMB100-140 per tonne.
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