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    LME aluminium drops after consecutive rise in last three days; SHFE registers gain

  • China Aluminium Network
  • Post Time: 2018/4/13
  • Click Amount: 423

    Benchmark aluminium price on London Metal Exchange dropped to close at US$ 2220.5 per tonne on Thursday, April 13, down from the previous day’s close at US$ 2253 per tonne. According to Shanghai Metals Market, US sanctions on Russia buoyed LME aluminium as investors added their long bets overnight. This followed after prices fell to a low of US$2,203 per tonne under pressure from a higher US dollar as LME aluminium inventories surged 90,000 tonnes to 1.25 million tonnes. SMM expects the contract to trade at US$2,275-2,315 per tonne today.

    As on April 12, LME aluminium cash (bid) price stands at US$ 2219 per tonne, LME official settlement price stands at US$ 2220.50 per tonne; 3-months bid price stands at US$ 2211 per tonne, 3-months offer price is US$ 2212 per tonne; Dec 19 bid price stands at US$ 2198 per tonne, and Dec 19 offer price stands at US$ 2203 per tonne. 

    The LME aluminium opening stock has increased to 1345225 tonnes. Live Warrants totalled at 1070650 tonnes, and Cancelled Warrants were 274575 tonne.

    LME aluminium 3-months ABR price is hovering low at US$2224.52per tonne. 

    SME and SHFE Aluminium Price Trend

    The benchmark aluminium price on Shanghai Metal Exchange increased from US$ 2259 per tonne on April 12 to US$ 2297 per tonne on April 13 due to sluggish demand and lacklustre trading in China's aluminium spot market.

    According to SMM, SHFE aluminium gained together with LME aluminium but at a lower speed overnight. SMM expects it to face pressure from fundamentals in the mid-term, with a trading range of RMB 14,400-14,600 per tonne.Spot discounts are seen at RMB 100-60 per tonne.

    The US dollar will remain weak in the short term due to geopolitical risk and a potential trade war, although tension in the Middle East eased overnight. Base metals are expected to be guided by the macroeconomy and fundamental factors in the short term.

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