Three-month LME aluminium closed 0.5% lower last night; SHFE aluminium dips 0.4%

The US dollar fell with the drop in Treasury yields and the dollar index lost close to 0.2% and finished at 98.16. LME and SHFE base metals closed lower for the most part despite a weakened US dollar. LME aluminium fell 0.5% and SHFE aluminium dropped 0.4%.

Three-month LME aluminium came off after climbed and ended 0.5% lower last night. The contract is expected to trade between US$1,700-1,800 per tonne today.

As on August 20, Tuesday, LME aluminium cash (bid) price stood at US$ 1755.50 per tonne, LME official settlement price stands at US$ 1756.50 per tonne; 3-months bid price stands at US$ 1785 per tonne, 3-months offer price is US$ 1786 per tonne; Dec 20 bid price stands at US$ 1875 per tonne, and Dec 20 offer price stands at US$ 1880 per tonne.

The LME aluminium opening stock dropped to 955025 tonnes. Live Warrants totalled at 678525 tonnes, and Cancelled Warrants were 276500 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1793.65 per tonne.

The benchmark aluminium price on Shanghai Metal Exchange (SME) remained unchanged at US$ 2040 per tonne today.

The most traded SHFE 1910 contract eased during the day, paring overnight gains from market talks that an accident affected production at a primary aluminium producer in Xinjiang. It ended at RMB14,335 per tonne, up 0.39%. Unexpected supply decline and an anticipated consumption pick-up will keep SHFE aluminium robust in the short term. The most-traded SHFE October contract ended 0.4% lower last night. The contract is likely to trade at RMB14,300-14,400 per tonne today.

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