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    LME aluminium hits 2-week high after some progress on US-China trade talks

  • China Aluminium Network
  • Post Time: 2018/5/7
  • Click Amount: 638

    Most base metals rose as the US-China trade negotiations made some progress. LME aluminium increased 2.6 per cent and hit a two-week high, as seen by Shanghai Metals Market.  Benchmark aluminium price on London Metal Exchange dropped to close at US$ 2316 per tonne on Friday, May 4, from the previous day's close at US$ 2349 per tonne.



    As on May 4, LME aluminium cash (bid) price stands at US$ 2315 per tonne, LME official settlement price stands at US$ 2316 per tonne; 3-months bid price stands at US$2306 per tonne, 3-months offer price is US$ 2307 per tonne; Dec 19 bid price stands at US$2255 per tonne, and Dec 19 offer price stands at US$ 2260 per tonne. 


    The LME aluminium opening stock stood at 1310650 tonnes. Live Warrants totalled at 866775tonnes, and Cancelled Warrants were 443875 tonne.


    LME aluminium 3-months ABR price is hovering low at US$2309.76 tonne.


    SME and SHFE Aluminium Price Trend


    The benchmark aluminium price on Shanghai Metal Exchange increased from US$ 2279 per tonne on May 4 to US$ 2288 per tonne on May 7.


    The SHFE 1807 contract hit a high of RMB 14,745 per tonne last Friday night as longs added their positions following the rise of LME aluminium. SMM sees limited upward momentum for SHFE aluminium today without the buoyancy from its LME counterpart. SMM expects it to trade at RMB 14,600-14,750 per tonne today with spot discounts at RMB 70-30 per tonne.


    The US dollar is likely to remain rangebound at highs today with upbeat economic outlook.

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