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    LME aluminium to meet strong resistance and fall in US$2,055-2,068/t range

  • China Aluminium Network
  • Post Time: 2017/9/21
  • Click Amount: 423

    LME aluminium improved slightly to close at US$2,068 per tonne on Friday, September 15. Shanghai Metals Market observes that LME aluminium will range US$2,080-2,110 per tonne Monday, September 18.
    According to Reuters’ technical analysis, LME aluminium may fall into the range of US$2,055-US$2,068 per tonne, as it could have peaked around $2,146.

    As on September 15, LME official cash buyer aluminium price (Bid Price) stands at US$2,067.50 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,068 per tonne, 3M Bid Price is US$2,098 per tonne, 3M Offer Price is US$2,100 per tonne, Dec3 Bid Price is US$2,228 per tonne, and Dec3 Offer Price is US$2,233 per tonne. LME aluminium Opening Stock stands at 1313400 tonnes, total Live Warrants is 1135600 tonnes, and Cancelled Warrant is 177800 tonnes.
    SME and SHFE Aluminium Price Trend
    The benchmark aluminium price at Shanghai Metal Exchange (SME) has dropped marginally from US$2,470 per tonne on Friday, September 15, to US$2,459 per tonne on Monday, September 18.

    During Friday’s night trading, base metals at Shanghai Futures Exchange showed signs of rallying, and inventory will likely play an important role in the price trend. SMM predicts that SHFE 1711 aluminium will move at RMB 16,150-16,450 per tonne on Monday, September 18, with support at RMB 16,000 per tonne.
    In east China spot aluminium market, spot discounts over SHFE 1710 aluminium are expected to range at RMB 200-160 per tonne on Monday.

    Source: AlCircle.com
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