LME aluminium plummeted to a low of US$2,032 per tonne overnight before it recovered some losses on talk that the US would ease sanctions on aluminium giant Rusal. LME aluminium contract closed lower at US$ 2104.5 per tonne yesterday July 12 from US$ 2120.5 per tonne on July 11. Shanghai Metals Market expects the contract to trade under pressure today. It is seen trading at US$2,030-2,065 per tonne.
As on July 12, LME aluminium cash (bid) price stands at US$ 2104 per tonne, LME official settlement price stands at US$ 2104.50per tonne; 3-months bid price stands at US$ 2056.50 per tonne, 3-months offer price is US$ 2057 per tonne; Dec 19 bid price stands at US$ 2113 per tonne, and Dec 19 offer price stands at US$ 2118 per tonne.
The LME aluminium opening stock increased to 1134600 tonnes. Live Warrants totalled at 952100 tonnes, and Cancelled Warrants were 182500 tonne.
LME aluminium 3-months Asian Reference Price is hovering at US$ 2068.73 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2094 per tonne on July 13 from US$ 2089 per tonne on July 12.
The SHFE 1809 contract stood above the five- and 10-day moving averages yesterday. The contract is expected to remain rangebound in the short term with a trading range at RMB13,950-14,250 per tonne, as alumina prices are likely to rebound and as demand weakens.
The SHFE 1809 contract fell to RMB14,095 per tonne level after it hovered around RMB14,135 per tonne today morning. SMM expects it to trade at RMB14,000-14,150 per tonne today, with spot offers at a discount of RMB20 per tonne to a premium of RMB20 per tonne.
The US dollar index gained to close at 94.8 continued on steadily-rising US inflation data and trade war saga. Key factors to watch today include China's trade balance as well as import and export data in June and the US import price index last month.
Responses
