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16 NOVEMBER 2018 AL CIRCLE

Weak fundamentals weighed down both LME and SHFE; LME closed at US$ 1917 per tonne on November 17

EDITED BY : BEETHIKA BISWAS 2MINS READ

The US dollar held steady against a currency basket while the pound dipped amid uncertainty over whether Prime Minister Theresa May's draft Brexit plan will receive parliamentary approval.

LME aluminium continued to trade weakly and closed Thursday’s trading at US$ 1917 per tonne.  It regained some losses at night but failed to break resistance at the 60-day moving average and closed at US$1,938 per tonne. Its trading range is likely to be at a range of US$1,910-1,960 per tonne today. 

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As on November 15, Thursday, LME aluminium cash (bid) price stood at US$ 1916 per tonne, LME official settlement price stands at US$ 1917 per tonne; 3-months bid price stands at US$ 1940 per tonne, 3-months offer price is US$ 1940.50 per tonne; Dec 19 bid price stands at US$ 2007 per tonne, and Dec 19 offer price stands at US$ 2012 per tonne. 

The LME aluminium opening stock rose to 1058125 tonnes. Live Warrants totalled at 756375 tonnes, and Cancelled Warrants were 301750 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1950 per tonne.

SME and SHFE Aluminium Price Trend 

The benchmark aluminium price on Shanghai Metal Exchange almost stayed flat at US$ 1968 per tonne today from US$ 1967 per tonne on November 15.

The SHFE 1901 contract rebounded from the day’s lows of RMB 13,710 per tonne to end the trading day higher at RMB 13,785 per tonne. But the gains were moderate and the contract remained under pressure from the five-day moving average. The contract then tested pressure at the RMB 13,780 per tonne level last night. Weak fundamentals weighed it below the daily moving average and settled it at RMB 13,720 per tonne. The contract is likely to trade at RMB13,700-13,800 per tonne today.

 

 

 


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EDITED BY : BEETHIKA BISWAS 2MINS READ

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