LME aluminium increased further to close at US$ 1839.5/t; SHFE received support from the 10-day moving average

The US dollar rose against the euro as the market grew concerned about economic growth in the eurozone. Base metals closed mixed last night. LME aluminium lost 0.54% and SHFE aluminium nudged up.

Benchmark aluminium price on London Metal Exchange increased further to close at US$ 1839.5 per tonne on Wednesday, January 16.  Limited upward momentum settled LME aluminium at US$1841 per tonne, around the five-day moving average. It is likely to trade at US$1,825-1,855 per tonne.

As on January 16, LME aluminium cash (bid) price stood at US$ 1839 per tonne, LME official settlement price stands at US$ 1839.50 per tonne; 3-months bid price stands at US$ 1866 per tonne, 3-months offer price is US$ 1867 per tonne; Dec 19 bid price stands at US$ 2005 per tonne, and Dec 19 offer price stands at US$ 2010 per tonne. 

The LME aluminium opening stock increased to 1303150 tonnes. Live Warrants totalled at 1055100 tonnes, and Cancelled Warrants were 248050 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1864.97 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 1972 per tonne today from US$ 1967 per tonne on January 16.

The SHFE 1903 contract extended gains to close the trading day 0.9% higher at RMB13,400 per tonne on Wednesday. This helped it to stand above the five- and 10-day moving averages.

The SHFE 1902 contract traded more robustly as it received support from the 10-day moving average after fell to a low of RMB13,375 per tonne.Outlook on pre-CNY downstream demand improved, and this ended the contract at RMB13,390 per tonne. SHFE 1902 contract is likely to trade at RMB13,320-13,420 per tonne today with spot discounts at RMB70-30 per tonne.

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