The temporary high phase of LME aluminium at the end of 2017 is fading away as the light metal contract dropped further from US$ 2205.5 per tonne on January 5 to close at US$ 2177.50 per tonne on January 8. As seen by Shanghai Metals Market, a rising US dollar would accelerate the drop of LME aluminium further, which is expected to trade at $2,150-2,185/t today. Aluminium was the only metal to end lower at the end of trading on the London Metal Exchange on Monday January 8.
As on January 8, LME official cash buyer aluminium price (Bid Price) stands at US$ 2,177per tonne, cash seller & settlement aluminium price (Offer price) is US$2177.50 per tonne, 3M Bid Price is US$ 2193 per tonne, 3M Offer Price is US$2194per tonne, Dec1 Bid Price is US$ 2265per tonne, and Dec1 Offer Price is US$2270 per tonne. LME aluminium opening stock stands at 1095875 tonnes, off from the stock on last closing. Total Live Warrants stands at 849725 tonnes and Cancelled Warrants 246150 tonnes.
The Asian reference price for LME aluminium (3-months ABR) is US$ 2204.32 per tonne.
The benchmark aluminium price on Shanghai Metal Exchange (SME) has dropped from US$US$2,268 per tonne on January 5 to US$ 2263per tonne on January 8. According to SMM, SHFE aluminium is struggling at RMB 15,000 per tonne level and is expected to trade at RMB 14,920-15,100 per tonne. Spot discounts are seen at RMB 190-150 per tonne today.
As updated by shfe.com, on Shanghai Futures Exchange, the major SHFE aluminium contracts price movements on January 9, are as follows:
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