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04 NOVEMBER 2019 AL CIRCLE

Three months LME aluminium gained last Friday to a high of US$1,790/t; SHFE followed its counterpart

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar dropped on Friday after data showed a mixed view on the economy, and on the optimism that the United States and China will reach a deal to end their trade war soon. The dollar index, which tracks the greenback against a basket of other currencies, shed 0.1% and ended at 97.21. LME base metals rose across the board with the SHFE complex closing higher for the most part. LME aluminium advanced 1.7% and SHFE aluminium grew 0.7%.

Better-than-expected data on US job growth lifted three-month LME aluminium above all moving averages to a high of US$1,790 per tonne. LME aluminium is expected to be hovering at US$1,750-1,790 per tonne today.

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LME

As on November 1, Friday, LME aluminium cash (bid) price stood at US$ 1765 per tonne, LME official settlement price stands at US$ 1766 per tonne; 3-months bid price stands at US$ 1762 per tonne, 3-months offer price is US$ 1764 per tonne; Dec 20 bid price stands at US$ 1842 per tonne, and Dec 20 offer price stands at US$ 1847 per tonne.

The LME aluminium opening stock dropped to 956200 tonnes. Live Warrants totalled at 788775 tonnes, and Cancelled Warrants were 167425 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1762 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE (Shanghai Future Exchange) increased to US$ 2011 per tonne today November 4, 2019.

The most traded SHFE 1912 contract climbed to a two-week high of RMB13,905 per tonne in afternoon trade, before it eased to end the trading day 0.36% higher at RMB13,875 per tonne. SHFE aluminium is likely to reverse more gains tonight, but support is seen at the 10-day moving average at RMB13,830 per tonne. The December contract tracked its LME counterpart higher with longs loading up their position overnight. The contract is expected to retreat slightly and trade between RMB13,800-13,950 per tonne today.

Tagged with:

LME Price Aluminium China

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EDITED BY : BEETHIKA BISWAS 2MINS READ

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