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    LME aluminium traded robust to end at US$1,903.5 per tonne overnight; SHFE continued upward trend

  • China Aluminium Network
  • Post Time: 2019/3/15
  • Click Amount: 197

    The US dollar dipped to the lowest since March 4, at 96.37, after new inflation data increased expectations that US interest rates will not be raised anytime soon. Base metals ended mixed and LME aluminium jumped 1.38%. SHFE aluminium rose 0.7%.

    LME aluminium closed the day's trading higher than the day before at US$1873 per tonne. The contract then jumped above all moving averages and broke pressure from US$1,900 per tonne, after Norway’s Norsk Hydro said that production at its Neuss plant in Germany would likely to fall due to an accident. A lower US dollar also pulled the prices. LME aluminium ended at US$1,903.5 per tonne. It is likely to trade robustly at US$1,850-1,930 per tonne today.

    As on March 13, LME aluminium cash (bid) price stood at US$ 1872.50 per tonne, LME official settlement price stands at US$ 1873 per tonne; 3-months bid price stands at US$ 1895 per tonne, 3-months offer price is US$ 1897 per tonne; Dec 20 bid price stands at US$ 2028 per tonne, and Dec 20 offer price stands at US$ 2033 per tonne. 

    The LME aluminium opening stock dropped to 1198375 tonnes. Live Warrants totalled at 652650 tonnes, and Cancelled Warrants were 545725 tonnes.

    LME aluminium 3-months Asian Reference Price is hovering at US$ 1880 per tonne.

    SME and SHFE Aluminium Price Trend

    The benchmark aluminium price on Shanghai Metal Exchange slightly increased to US$ 2039 per tonne today from US$ 2024 per tonne on March 13.

    As the US dollar continued to slide, the SHFE 1905 contract rose along the five-day moving average, and jumped above the 40-day moving average, to a high of RMB13,625 per tonne, before it ended at RMB 13,605 per tonne yesterday. It registered the fourth consecutive trading day of increase and may continue to regain losses from last week and stand firm above the five-day moving average tonight. The SHFE 1905 contract received support from its LME counterpart, and climbed to a high of RMB 13,690 per tonne, before it closed at RMB 13,680 per tonne overnight. It may trade at RMB13,500-13,800 per tonne, with spot discounts at RMB 50-10 per tonne today.

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