LME aluminium price inches up slightly; SHFE remains weak

The US dollar index fell to the lowest in two weeks after the US midterm election results and as investors looked ahead to a Federal Reserve meeting for signals on future interest rate hikes. LME and SHFE base metals closed mixed as LME aluminium led the increase and rose 1.61%.

LME aluminium closed Wednesday’s trading at US$ 1951.5 per tonne. It then surged to a high of US$1,993.5 per tonne near closing and settled at US$1,985.5 per tonne. Shanghai Metals Market expects the contract to trade at US$1,960-1,990 per tonne today.

As on November 7, Tuesday, LME aluminium cash (bid) price stood at US$ 1950.50 per tonne, LME official settlement price stands at US$ 1951.50 per tonne; 3-months bid price stands at US$ 1962 per tonne, 3-months offer price is US$ 1963 per tonne; Dec 19 bid price stands at US$ 2023 per tonne, and Dec 19 offer price stands at US$ 2028 per tonne.

The LME aluminium opening stock rose to 1053675 tonnes. Live Warrants totalled at 733200 tonnes, and Cancelled Warrants were 320475 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1961.50 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2005 per tonne today from US$ 1994 per tonne on November 7.

Short positions gained over 2,000 lots and depressed the SHFE 1901 contract to the day’s lows of RMB13,830 per tonne briefly after opening. The contract climbed during the day and closed at the highest in the daytime trading hours, at RMB13,915 per tonne, reports Shanghai Metals Market.

The SHFE 1901 contract closed at RMB13,950 per tonne after it rose to a high of RMB13,965 per tonne. SMM expects it to trade at RMB13,850-14,000 per tonne today with spot discounts at RMB70-30 per tonne.

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