Three-month LME aluminium closed 0.88% higher; SHFE aluminium closed at RMB13,255/t

The US dollar extended its decline on Monday, 02 March 2020. The dollar index, which tracks the greenback against a basket of other currencies, once slipped to the lowest level since January 16, at 97.18. LME base metals increased across the board. LME aluminium gained 0.88%.

Three-month LME aluminium ended 0.88% higher on the day at US$1,716.5 per tonne. The contract is likely to trade between US$1,680-1,730 per tonne today.

As on Monday March 2, LME aluminium cash (bid) price stands at US$ 1684 per tonne, LME official settlement price stands at US$ 1684.5 per tonne; 3-months bid price stands at US$ 1699 per tonne, 3-months offer price is US$ 1700 per tonne; Dec 21 bid price stands at US$ 1825 per tonne, and Dec 21 offer price stands at US$ 1830 per tonne.

The LME aluminium opening stock dropped to 1071875 tonnes. Live Warrants totalled 791850 tonnes, and Cancelled Warrants were 280025 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1707.28 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE increased from US$1882 per tonne to US$1899 per tonne on Tuesday, 03 March 2020.

The most-active SHFE 2004 contract recovered from earlier losses to end at RMB13,255 per tonne. SMM calculations showed that the average cost for primary aluminium in China has climbed to RMB13,300 per tonne. The contract is expected to trade at RMB13,050-13,300 per tonne.

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