The US dollar extended its weakness and fell for the third straight session on Monday as investors favoured riskier assets. The dollar index, which tracks the greenback against a basket of other currencies, lost 0.24 per cent. LME base metals mostly fell while the SHFE complex closed mixed overnight. LME aluminium remained flat, while SHFE aluminium grew marginally by 0.07 per cent.
Three-month LME aluminium traded range bound above the five-day moving average, ending at $1,823.5 per tonne. LME aluminium is likely to be traded at $1,810 per tonne to $1,830 per tonne.
As on December 30, Monday, LME aluminium cash (bid) price stood at US$ 1790 per tonne, LME official settlement price stands at US$ 1791 per tonne; 3-months bid price stands at US$ 1821 per tonne, 3-months offer price is US$ 1822 per tonne; Dec 20 bid price stands at US$ 1878 per tonne, and Dec 20 offer price stands at US$ 1883 per tonne.
The LME aluminium opening stock decreased to1477725 tonnes. Live Warrants totalled at 927300 tonnes, and Cancelled Warrants were 550425 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1816.53 per tonne.
SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE (Shanghai Future Exchange) increased to US$2057 per tonne on Tuesday, December 31, 2019.
The most traded SHFE 2002 contract eased in the Monday’s daytime session, giving back gains from Friday night to close just 0.21% firmer at RMB 14,090 per tonne. On the same day in the evening, the most-traded SHFE 2002 contract slipped to a low of RMB 14,060 per tonne after SMM data indicated a build-up in social inventories of primary aluminium over the weakened. The contract is expected to be traded at RMB 13,950-14,150 per tonne today.
source https://www.alcircle.com/news/lme-aluminium-price-gained-on-extended-drop-in-us-dollar-shfe-aluminium-recorded-a-rise-too-49726
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