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31 JANUARY 2017 AL CIRCLE

Wall Street slide sends ripples across markets; LME aluminium drops further

EDITED BY : DIPANWITA GUPTA 2MINS READ

Donald Trump's isolationism seems to have hurt optimism over pro-business initiatives in the US rather badly. The S&P/ASX200 headed lower at the opening, adding to Monday's falls. The benchmark index was down 0.54 per cent to 5,632.30 at 1038 AEST (1038 GMT, on Monday), reported Bloomberg. Effect on base metals was mixed. LME aluminium ended further lower at US$1,807 per tonne after Monday's night trading, down 1.09 per cent from the previous day's closing of US$1,827 per tonne.

Major markets in China remains closed for the Lunar New Year Holiday. Trading will resume on February 3.

News
As on January 30, LME official cash buyer price of aluminium stands at US$1,806 per tonne, cash seller & settlement price is US$1,807 per tonne, 3M buyer price is US$1,810 per tonne, 3M seller price is US$1,810.5 per tonne, Dec1 buyer price is US$1,848 per tonne, and Dec1 seller price is US$1,853 per tonne. The current LME official Opening Stock of aluminium is estimated at 2278225 tonnes, total Live Warrants is 1639450 tonnes, and Cancelled Warrant is 634300 tonnes.

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Crude oil has been fluctuating for the last one month. The futures fell for the second day after drilling in the US scaled its highest in more than a year, countering OPEC's efforts to clear a supply glut. This slide in oil prices is further weighing on aluminium prices. The contract is likely to recover once crude oil starts gaining strength and normalcy is restored in the Wall Street.  

Tagged with:

Aluminium Price LME Market

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EDITED BY : DIPANWITA GUPTA 2MINS READ

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