LME aluminium rose to US$1688/t despite US dollar extended its rally; SHFE aluminium recorded growth too

The US dollar extended its rally to a two-month peak against a basket its rivals on Wednesday, as reports of a possible treatment for the new coronavirus and strong US jobs data boosted investor sentiment.

Three-month LME aluminium rallied to an intraday high of US$1,728 per tonne on Wednesday before closing the trading day 1.53 per cent higher at US$ 1,725 per tonne. Reports of production cuts at Rio Tinto’s Tomago aluminium smelter in Australia and Chinese steps to offset the damage to economic growth and demand from the coronavirus, buoyed aluminium prices. LME aluminium is expected to hover at US$ 1,700 per tonne to US$ 1,740 per tonne today.

LME aluminium cash (bid) price, on February 5, increased by US$ 1 per tonne to US$ 1687.50 per tonne, while LME official settlement price decreased to US$ 1688 per tonne from US$ 1687 per tonne. 3-months bid price came in at US$ 1715.50 per tonne and 3-months offer price to US$ 1716.00 per tonne after recording a hike of US$ 3.5 per tonne. Dec 21 bid price stood at US$ 1848.00 per tonne and Dec 21 offer price at US$ 1853.00 per tonne.

The LME aluminium opening stock also rose to 1274550 tonnes from 1257950 tonnes in the previous day. Live Warrants totalled at 846400 tonnes and Cancelled Warrants 428150 tonnes.

LME aluminium 3-months Asian Reference Price hovered at US$ 1703.00 per tonne.

Benchmark aluminium price for SHFE (Shanghai Future Exchange) increased to US$1957 per tonne, as of Thursday, February 6.

According to SMM, the SHFE aluminium in China is likely to move at RMB 13,500 per tonne to RMB 13,800 per tonne today.

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