LME aluminium regained losses yesterday after a plunge; SHFE bullish on alumina capacity cut and expected consumption re

The US dollar edged higher on Thursday, as a lull in US-China trade turbulence, and better-than-expected data boosted risk appetite. On Thursday, China reported trade data that was better than expected despite mounting economic pressure from elevated US tariffs. LME base metals finished the trading day higher across the board and aluminium advanced 1.3%. SHFE aluminium rose 0.6%.

LME aluminium regained some losses yesterday after a plunge the day before. Three-month LME aluminium advanced 1.25% to close at US$1,781 per tonne on Thursday. It is expected to trade between US$1,700-1,800 per tonne today.

As on August 8, Thursday, LME aluminium cash (bid) price stood at US$ 1737per tonne, LME official settlement price stands at US$ 1737.50 per tonne; 3-months bid price stands at US$ 1768 per tonne, 3-months offer price is US$ 1768.50 per tonne; Dec 20 bid price stands at US$ 1863 per tonne, and Dec 20 offer price stands at US$ 1868 per tonne.

The LME aluminium opening stock dropped yesterday to 1004225 tonnes. Live Warrants totalled at 708850 tonnes, and Cancelled Warrants were 295375 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1768 per tonne.

SME and SHFE Aluminium Price Trend

The benchmark aluminium price on Shanghai Metal Exchange (SME) increased to US$ 1975 per tonne today from US$ 1962 per tonne on Thursday.

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