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    LME aluminium closed the last week slightly higher; SHFE aluminium expected to be rangebound today

  • China Aluminium Network
  • Post Time: 2018/3/5
  • Click Amount: 644

    LME aluminium closed the last week with a slight increase after US President Donald Trump announced that the country would impose a 10% global tariff on all imported aluminium.  The contract traded higher over the day and finally closed at USD2144 per tonne on Friday, March 2. Shanghai Metals Market observes that with the US dollar index falling below the 90 level, LME aluminium is expected to test the five-day moving average with resistance at the 10- and 20-day moving averages today and expected to trade within a range of $2,137-2,164 per tonne.



    As on March 2, LME aluminium cash (bid) price stands at US$ 2143 per tonne, LME Official Settlement Price stands at US$ 2144 per tonne; 3-months bid price stands at US$ 2151 per tonne, 3-months offer price is US$ 2151.50 per tonne; Dec 19 bid price stands at US$ 2180 per tonne, and Dec 19 offer price is US$ 2185 per tonne.


    The LME aluminium opening stock increased again to 1323050 tonnes, Live Warrants totalled at 1094850 tonnes, and Cancelled Warrants were 228200 tonne.


    LME aluminium 3-months ABR price is hovering at US$ 2140.11per tonne. 


    SME and SHFE Aluminium Price Trend


    The benchmark aluminium price on Shanghai Metal Exchange has dropped from US$2227 per tonne on March 2 to US$ 2208 per tonne on March 4.


    According to SMM, The SHFE aluminium contract is expected to be rangebound today with upward potential, trading at RMB 14,380-14,500 per tonne. Following is the SHFE aluminium price movement on March 4, as updated by shfe.com. 


    Spot discounts are seen at RMB 170-130 per tonne.   SMM is bullish on the consumption in high season and expect the 1805 contract to rebound to about RMB 14,300 to 14,650 per tonne over the current week.

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