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      LME and SHFE aluminium likely to trade low as as China's winter pollution controls expire today

      Enlarged font  Narrow font Release date:2018-03-15  Author:China Aluminum Suppliers  Browse number:40
      Note: After closing lower at US$ 2080 per tonne on Tuesday 13 March, LME aluminium showed some positive gain and crept up to US$2096 per tonne on Wednesday March 14. With the dropping of euro and the rebound of US dollar index to around 89.7 overnight, most bas

       After closing lower at US$ 2080 per tonne on Tuesday 13 March, LME aluminium showed some positive gain and crept up to US$2096 per tonne on Wednesday March 14. With the dropping of euro and the rebound of US dollar index to around 89.7 overnight, most base metals climbed up yesterday.  As updated by Shanghai metals Market, LME aluminium met resistance at the five-day moving average and support at $2,100 per tonne last night. SMM expects the contract to trade at US$2,080-2,105 per tonne today.

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        As on March 14, LME aluminium cash (bid) price stands at US$ 2095.50per tonne, LME official settlement price stands at US$ 2096 per tonne; 3-months bid price stands at US$ 2115 per tonne, 3-months offer price is US$ 2117 per tonne; Dec 19 bid price stands at US$ 2165 per tonne, and Dec 19 offer price is US$ 2170 per tonne.


        The LME aluminium opening stock has dropped further to 1295625 tonnes with the moving of stocks in the Asian warehouses after the Chinese New Year. Live Warrants totalled at 1057275 tonnes, and Cancelled Warrants were 238350 tonne.


        LME aluminium 3-months ABR price is hovering at US$ 2104.38 per tonne. 


        SME and SHFE Aluminium Price Trend


        The benchmark aluminium price on Shanghai metal Exchange gained slightly from US$ 2172 per tonne on March 14 to US$ 2178 per tonne on March 15, while the market is worried over trade tensions between China and the U.S.


        SHFE aluminium edged down yesterday with resistance from shorts, and touched a low of RMB 13,930 per tonne. As seen by SMM, prices continue to face pressure as demand recovers slower than expected. There is limited downward room in the medium term as some plants face operating issues in light of higher costs and the recovery of production is expected to take time. SHFE aluminium contract is expected to trade at RMB 13,800-14,000 per tonne with spot discounts at RMB 70-30 per tonne today.  Following is the SHFE aluminium price movement on March 14, as updated by shfe.com.



        Data on US import prices and its weekly unemployment claims are the two key factors to watch today. The US dollar inched up and is likely to remain rangebound in the short term. base metals gained for the most part, and are seen trading rangebound in the short term.

        Source: http://www.alcircle.com/
       
       
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