LME aluminium continues uptrend; SHFE registers a decline

Benchmark aluminium price on London Metal Exchange increased further to close at US$2073 per tonne on Tuesday, March 20, up from the previous day’s close at US$2070.5 per tonne. LME aluminium continued to consolidate and is expected to trade at US$2,070-2,095 per tonne today, according to SMM. The Federal Reserve’s decision on an interest rate hike will give more guidance to the market.

As on March 20, LME aluminium cash (bid) price stands at US$ 2072 per tonne, LME official settlement price stands at US$ 2073 per tonne; 3-months bid price stands at US$ 2093 per tonne, 3-months offer price is US$ 2093.50 per tonne; Dec 19 bid price stands at US$ 2142 per tonne, and Dec 19 offer price is US$ 2147 per tonne.

The LME aluminium opening stock has dropped to 1288675 tonnes. Live Warrants totalled at 1049625 tonnes, and Cancelled Warrants were 239050 tonne.

LME aluminium 3-months ABR price is hovering at US$ 2091 per tonne. 

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange declined from US$ 2178 per tonne on March 20 to US$ 2165 per tonne on March 21.

SMM expects SHFE aluminium to trade at RMB 13,900-14,050 per tonne today. Spot discounts are seen at RMB 160-120 per tonne. Investors will take guidance from changes in inventory in the short term. 

The US dollar is likely to remain rangebound at current levels as the market expects higher interest rates. With pressure from the US dollar, base metals are likely to remain weak in the short term.

Copyright and Exemption Declaration :¢ÙAll articles, pictures and videos that are marked with "China Aluminum Network" on this website are copyright and belong to China Aluminium Network (www.alu.com.cn). When transshipment, any media, website or individual must list the source from "China Aluminium Network (www.alu.com.cn)". We seek legal actions against anyone that disobey this. ¢ÚArticles that marked as copy from others are for transferring more information to readers, do not represent or endorse their opinions or accuracy and reliability. When other media, website or individuals copy from our website, must keep the source. Anyone that changes the articles' sources will hold the responsibilities for copyright and law problems. We also seek legal actions against anyone that disobey this. ¢ÛIf any articles copied by our website concern the copyright and other problems, please contact us within one week.