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    Impending trade war jeopardizes both LME and SME; LME closes further down with support at $2,100 per tonne

  • China Aluminium Network
  • Post Time: 2018/3/9
  • Click Amount: 307

    The US dollar rebounded above 90 overnight, while base metals saw mixed trading.  LME aluminium is struggling under increasing downward pressure and closed further down at US$ 2082.50 per tonne on March 8. However, the contract inched up and received support at US$2,100 per tonne overnight. Shanghai Metals Market expects the contract to trade at US$2,095-2,120 per tonne.  



    As on March 8, LME aluminium cash (bid) price stands at US$ 2082 per tonne, LME official settlement price stands at US$ 2082.50 per tonne; 3-months bid price stands at US$ 2103.50per tonne, 3-months offer price is US$ 2104 per tonne; Dec 19 bid price stands at US$ 2150 per tonne, and Dec 19 offer price is US$ 2155 per tonne.


    The LME aluminium opening stock has dropped to 1315500 tonnes, Live Warrants totalled at 1080625 tonnes, and Cancelled Warrants were 234875 tonne.


    LME aluminium 3-months ABR price is hovering at US$ 2106.54per tonne. 


    SME and SHFE Aluminium Price Trend


    The benchmark aluminium price on Shanghai Metal Exchange remains flat with a slight increase from US$2201 per tonne on March 8 to US$ 2202 per tonne on March 9, while the market is abuzz with trade tensions between China and the U.S., the largest aluminium market.


    SHFE aluminium is likely to face temporary downward pressure as China is unlikely to be exempt from the US tariffs. SMM sees SHFE aluminium trading at RMB 14,130-14,300 per tonne today. Following is the SHFE aluminium price movement on March 9, as updated by shfe.com.



    China vowed to take strong steps to protect its interests against US President Donald Trump's tariffs on steel and aluminium imports. China's commerce ministry spoke against the tariffs on Friday March 9. Director of the ministry's trade remedy and investigation bureau, Wang Hejun, said that the tariffs will jeopardise multilateral trade in the World Trade Organization (WTO) and that they will "bring a serious impact on normal international order".

    Source: http://www.alcircle.com/
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