Three-month LME aluminium recovered on Friday night to hit US$1,762.5/t; SHFE capped its uptrend

The US dollar rallied from one-month lows against its rivals on Friday, as investors digested a better-than-expected US nonfarm payrolls report. LME base metals closed higher on Friday and aluminium rose 0.8%. The SHFE complex also traded mostly higher on Friday night but aluminium bucked the uptrend and lost almost 0.1%.

Three-month LME aluminium rallied from a two-week low of US$1,735 per tonne on Friday amid the uptrend across nonferrous metals on the back of upbeat US employment report. LME aluminium finished the trading day 0.77% higher at US$1,762.5 per tonne on Friday night, with the unwinding of short positions primarily accounting for the gains. It is likely to trade rangebound at US$1,750-1,800 per tonne today.

As on December 6, Friday, LME aluminium cash (bid) price stood at US$ 1750 per tonne, LME official settlement price stands at US$ 1750.50 per tonne; 3-months bid price stands at US$ 1740 per tonne, 3-months offer price is US$ 1741 per tonne; Dec 20 bid price stands at US$ 1800 per tonne, and Dec 20 offer price stands at US$ 1805 per tonne.

The LME aluminium opening stock increased again to 1284300 tonnes. Live Warrants totalled at 1135650 tonnes, and Cancelled Warrants were 148650 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1747 per tonne.

Benchmark aluminium price for SHFE (Shanghai Future Exchange) increased to US$ 1994 per tonne on Monday, December 9, 2019.

The most-liquid SHFE 2001 contract registered the fourth consecutive session of increase, closing up 0.25% at RMB 18,025 per tonne on Friday. The contract then fell to a one-week low of RMB 13,810 per tonne in early trade on Friday night, before it recovered some ground to close marginally lower at RMB 13,865 per tonne. SHFE aluminium is expected to waver between RMB 13,810-13,950 per tonne today, as investors weigh falling inventories against demand changes. Spot premiums are seen at RMB 40-60 per tonne over the SHFE 1912 contract.

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