The US dollar rose on Monday as the pound fell on news that Brexit negotiations with the European Union over Northern Ireland remain in flux and as uncertainty over Italy's budget continued to lower the euro. LME base metals ended in the black across the board overnight. Aluminium edged up 0.17%.
LME aluminium contract closed lower at US$ 2002.50 per tonne on October 22 from US$ 2022.50 per tonne on October 19.
{alcircleadd}LME aluminium fell to an intraday low of US$2,002 per tonne from a high of US$2,032 per tonne on Monday morning, reports Shanghai Metals Market. The contract is expected to trade at US$1,990-2,030 per tonne.
As on October 22, LME aluminium cash (bid) price stands at US$ 2002 per tonne, LME official settlement price stands at US$ 2002.50 per tonne; 3-months bid price stands at US$ 2012 per tonne, 3-months offer price is US$ 2013 per tonne; Dec 19 bid price stands at US$ 2063 per tonne, and Dec 19 offer price stands at US$ 2068 per tonne.
The LME aluminium opening stock dropped to 1062350 tonnes. Live Warrants totalled at 750225 tonnes, and Cancelled Warrants were 312125 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 2016.36 per tonne.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price on Shanghai Metal Exchange increased to US$ 2034 per tonne today from US$ 2039 per tonne on October 22.
SHFE base metals ended in mixed performance overnight. Improved market sentiment and shrinking inventories bolstered the SHFE 1812 contract, which rebounded from a low of RMB14,015 per tonne and rose to an intraday high of RMB14,220 per tonne. The contract finally settled at RMB14,175 per tonne.
The SHFE 1812 contract overnight fell past the daily moving average to a low of US14,130 per tonne due to declines in its LME counterpart. SMM expects it to trade at RMB14,100-14,250 per tonne today with spot discounts at RMB70-30 per tonne.
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