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04 OCTOBER 2019 AL CIRCLE

Three months LME aluminium recovered losses yesterday on weak dollar to close at US$1711 per tonne

EDITED BY : BEETHIKA BISWAS 2MINS READ

LME aluminium prices climbed off recent lows on Thursday, boosted by a weaker dollar, as trading was thin due to China’s National Day week long holiday. Three months LME aluminium prices rose 0.4% to $1,711.50 a tonne, from $1,704.85 on Wednesday which was the weakest since early 2017. US dollar index came under further selling pressure after hitting fresh 2019 highs near 99.70 on Tuesday. The dollar extended the move lower to sub-99.00 levels.  The ISM Non-manufacturing PMI dropped to the lowest level since August 2016 at 52.6, adding to fears of a US recession.

LME

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As on October 3, Thursday, LME aluminium cash (bid) price stood at US$ 1696.50 per tonne, LME official settlement price stands at US$ 1697 per tonne; 3-months bid price stands at US$ 1710 per tonne, 3-months offer price is US$ 1711 per tonne; Dec 20 bid price stands at US$ 1790 per tonne, and Dec 20 offer price stands at US$ 1795 per tonne.

The LME aluminium opening stock increased to 964275 tonnes. Live Warrants totalled at 780450 tonnes, and Cancelled Warrants were 183825 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1711 per tonne.

SHFE Aluminium Price Trend

China market and the Shanghai Futures Exchange was closed on Thursday as part of its Golden Week Holidays and will reopen on Tuesday Oct. 8.

 


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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