LME aluminium price increased for the second consecutive day to $1746.5/t on opening stock decline, SHFE up by $22/t

The US dollar gained on Wednesday, August 19, after the Federal Reserve suggested it could pursue aggressive stimulus measures for longer than under its previous strategy, minutes from its last policy meeting showed.

Three-month LME aluminium closed 1.07 per cent higher at US$ 1,787.5 per tonne on August 19.

LME aluminium cash (bid) price and LME official settlement price increased for the second day in a row from US$ 1733 per tonne to US$ 1746.50 per tonne, as of Wednesday, August 19. 3-months bid price and 3-months offer price stood at US$ 1783 per tonne, up by US$13 per tonne from US$ 1770 per tonne. Dec 21 bid price and Dec 21 offer price came in at US$ 1862 per tonne.

The LME aluminium opening stock declined to 1585000 tonne, following an increase to 1590550 tonnes on the previous day. Live Warrants hovered at 1355900 tonnes, while Cancelled Warrants at 229100 tonnes.

LME aluminium 3-months Asian Reference Price stood at US$ 1785.63per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE increased for the third consecutive day to stand at US$ 2122 per tonne on Thursday, August 20.

The most-liquid SHFE 2009 aluminium contract finished the day 1.46 per cent higher at RMB 14,435 per tonne, after hitting an intraday high of RMB 14,660 per tonne. Open interest increased 733 lots to 115,000 lots. The shift of open interests and the flow of funds will be monitored in the short term.

The most-liquid SHFE 2009 aluminium contract rose 1.31 per cent to end at RMB 14,745 per tonne in overnight trading. It is expected to move between RMB 14,550-14,750 per tonne today, while spot premiums are seen stable at RMB 70-90 per tonne.

source https://www.alcircle.com/news/lme-aluminium-price-increased-for-the-second-consecutive-day-to-1746-5-t-on-opening-stock-decline-shfe-up-by-22-t-57813