The US dollar hit a more than two-year low and a fourth straight month of losses on Monday in the wake of the US Federal Reserve’s policy shift on inflation. It is down 1.24 per cent for the month, marking its worst August in five years and the longest run of monthly losses since the summer of 2017.
Shanghai base metals, except for aluminium, opened on a positive note on Tuesday morning, holding onto overnight gains, while their counterparts on the LME increased across the board, as the dollar hit two-year low on the back of the US Federal Reserve’s policy shift on inflation.
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The LME market was closed on Monday, August 31, for a summer bank holiday and will resume normal trading on Tuesday, September 1.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE increased marginally by US$ 1 per tonne to US$ 2154 per tonne on Tuesday, September 1.
The most-liquid SHFE 2010 aluminium contract surged to an intraday high of RMB 14,690 per tonne and ended 0.07 per cent lower at RMB 14,540 per tonne today. Open interest fell 2,275 lots to 128,843 lots. The open interest and the flow of funds will come under scrutiny.
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The most-active SHFE 2010 aluminium contract fell 0.21 per cent to close at RMB 14,565 per tonne in overnight trading. It is expected to move between RMB 14,450-14,650 per tonne today, while spot premiums are seen at RMB 0-40 per tonne.
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