Three-month LME aluminium slides to lowest since September 2016; SHFE aluminium declines 5.41%
The US dollar rose against a basket of currencies for a third straight day on Thursday, March 18.
Three-month LME aluminium slipped to lowest since September 2016 at US$1,579.5 per tonne in the final minutes of Asian trading session. It ended lower at US$1,629.5 per tonne. Shanghai Metals Market expects the contract to trade at US$1,580-1,630 per tonne today.
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As on Thursday March 19, LME aluminium cash (bid) price stands at US$ 1580 per tonne, LME official settlement price stands at US$ 1581 per tonne; 3-months bid price stands at US$ 1606 per tonne, 3-months offer price is US$ 1607 per tonne; Dec 21 bid price stands at US$ 1722 per tonne, and Dec 21 offer price stands at US$ 1727 per tonne.
The LME aluminium opening stock stood at 1009100 tonnes. Live Warrants totalled 839575 tonnes, and Cancelled Warrants were 169525 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1582.12 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE decreased from US$1693 per tonne to US$1681 per tonne on Friday, 20 March 2020.
The most-traded SHFE May contract slipped to its lowest level since January 2016 at RMB11,730 per tonne. It finished the session at RMB11,805 per tonne. There are further downside risks in prices amid bearish macroeconomic sentiment. The contract is likely to move between RMB11,400-12,000 per tonne.
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