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    LME aluminium struggles to stand above the daily moving average; SHFE to stay rangebound

  • China Aluminium Network
  • Post Time: 2018/6/12
  • Click Amount: 389

    The aluminium contract returned to the five and 40 days moving averages at US$ 2287.50 per tonne on June 8 after a bullish run whole week. LME aluminium attempted to stand above the daily moving average and closed higher at US$ 2300 per tonne. The contract touched a high of US$2,325 per tonne with support from longs during the European trading session.  It was then dragged down by SHFE aluminium to a low of US$2,285 per tonne.  It is expected to trade at US$2,290-2,320 per tonne today.

    As on June 11, LME aluminium cash (bid) price stands at US$ 2299 per tonne, LME official settlement price stands at US$ 2300 per tonne; 3-months bid price stands at US$ 2296 per tonne, 3-months offer price is US$ 2297.50 per tonne; Dec 19 bid price stands at US$ 2302 per tonne, and Dec 19 offer price stands at US$ 2307 per tonne.

    The LME aluminium opening stock slightly dropped to 1168975 tonnes. Live Warrants totalled at 938650 tonnes, and Cancelled Warrants were 230325 tonne.

    LME aluminium 3-months ABR price is hovering at US$ 2319.45 per tonne.

    SME and SHFE Aluminium Price Trend

    The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2302 per tonne on June 12 from US$ 2297 per tonne on June 11.

    The SHFE 1808 contract mostly hovered at RMB 14,875-14,945 per tonne during the day and closed at RMB 14,915 per tonne yesterday evening with open interests down 664 lots to 699,540 lots. The SHFE 1808 contract traded rangebound today after it dipped to a low of RMB 14,840 per tonne with pressure from shorts. According to SMM, it is likely to trade at RMB 14,700-15,000 per tonne today with spot discounts at RMB 30-10 per tonne.  Lacking incentives, it is expected to continue its rangebound trend in the short run.

    The US dollar index rose 0.04% to close at 93.6 overnight with the 10-year treasury yield climbing up.  As the market remained cautious, base metals saw mixed performance. The eurozone ZEW economic sentiment index in June, the US consumer price index (CPI) in May and the summit between Trump and North Korean leader Kim Jong Un in Singapore are factors that will have an impact on the market today.

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