
The US dollar index slipped on Friday, lowered by fresh concerns about an economic slowdown. LME base metals closed lower on Friday and aluminium shed 0.4%.SHFE aluminium inched up 0.04%.
Three-month LME aluminium dipped to a low of US$1,770 per tonne on Friday, and ended at US$1,774 per tonne, down 0.39%. LME aluminium weakened along with other metals, and is expected to trade between US$1,700-1,800 per tonne today.
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As on August 9, Friday, LME aluminium cash (bid) price stood at US$ 1745.50 per tonne, LME official settlement price stands at US$ 1746 per tonne; 3-months bid price stands at US$ 1776 per tonne, 3-months offer price is US$ 1776.50 per tonne; Dec 20 bid price stands at US$ 1870 per tonne, and Dec 20 offer price stands at US$ 1875 per tonne.
The LME aluminium opening stock dropped to 998250 tonnes. Live Warrants totalled at 708100 tonnes, and Cancelled Warrants were 290150 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1779.20 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange (SME) decreased to US$ 1972 per tonne today from US$ 1975 per tonne on Friday.
The most-active SHFE September contract climbed to an intraday high of RMB13,955 per tonne. It increased 0.58% on the day and closed at RMB13,910 per tonne. Eased risk aversion sentiment, alumina output controls in Xiaoyi, and expectation of a demand recovery in September-October will keep the contract at highs next week. The most traded SHFE October contract stood marginally higher at RMB13,915 per tonne on Friday. SHFE aluminium is expected to trade between RMB13,850-13,950 per tonne today, with spot premiums of up to RMB40 per tonne.
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