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    LME aluminium declines on news that Hydro Alunorte may resume full production

  • China Aluminium Network
  • Post Time: 2019/1/11
  • Click Amount: 231

    The US dollar dipped to a three-month low as the latest minutes of US Federal Reserve's policy meeting hinted at less monetary tightening and as hopes grew after US-China trade talks. Base metals ended mostly higher last night. LME aluminium fell 0.3% and SHFE aluminium went up 0.19%.

    LME aluminium contract closed Wednesday’s trading at US$ 1842 per tonne. The European trading session saw LME aluminium decline to a low of US$1,837.5 per tonne on news that Hydro aims to bring Alunorte alumina refinery back to full capacity within weeks or months. LME aluminium closed lower overnight at US$1,853 per tonne. It is likely to trade at US$1,840-1,875 per tonne today.

    As on January 9, LME aluminium cash (bid) price stood at US$ 1841.50 per tonne, LME official settlement price stands at US$ 1842 per tonne; 3-months bid price stands at US$ 1862 per tonne, 3-months offer price is US$ 1862.50 per tonne; Dec 19 bid price stands at US$ 2020 per tonne, and Dec 19 offer price stands at US$ 2025 per tonne. 

    The LME aluminium opening stock stood at 1281400tonnes. Live Warrants totalled at 1043325 tonnes, and Cancelled Warrants were 238075 tonnes.

    LME aluminium 3-months Asian Reference Price is hovering at US$ 1874.50 per tonne.

    SME and SHFE Aluminium Price Trend

    The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 1961 per tonne today from US$ 1945 per tonne on January 9.

    News that the leaders of seven committees in the US House of Representatives have asked the Treasury Department to delay plans to lift sanctions on Rusal prompted shorts to reduce positions of over 4,000 lots in 20 minutes before closing. This pushed up the SHFE 1903 contract to end at the day’s high of RMB13,475 per tonne, up 0.3% on the day, SMM reported.

    The SHFE 1902 contract traded rangebound around the daily moving average after dipped to a low of RMB13,420 per tonne. The contract is likely to trade at RMB13,380-13,480 per tonne with spot discounts at RMB50-10 per tonne today.

    Source: www.alcircle.com
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