LME aluminium closed 1.48% higher yesterday; expected to trade at US$1790-1810/t

The US dollar rose on Tuesday, lifted by optimism that a US-China trade deal may be near. The dollar index, which tracks the greenback against a basket of other currencies, gained 0.4% and ended at 97.95. LME base metals and the SHFE complex mostly fell. LME aluminium dropped 0.14% and SHFE aluminium lost 0.11%.

LME aluminium closed Tuesday’s trading at US$ 1813.50 per tonne, up 1.48% from Monday. Three-month LME aluminium moderated after sharp increases during the previous sessions, ending at US$1,807.5 per tonne. LME aluminium is likely to trade at US$1790-1810 per tonne.

As on November 5, Tuesday, LME aluminium cash (bid) price stood at US$ 1813 per tonne, LME official settlement price stands at US$ 1813.50 per tonne; 3-months bid price stands at US$ 1810.50 per tonne, 3-months offer price is US$ 1811.50 per tonne; Dec 20 bid price stands at US$ 1887 per tonne, and Dec 20 offer price stands at US$ 1892 per tonne.

The LME aluminium opening stock dropped to 951275 tonnes. Live Warrants totalled at 782800 tonnes, and Cancelled Warrants were 168475 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1809.87per tonne.

Benchmark aluminium price for SHFE (Shanghai Future Exchange) increased to US$ 2018 per tonne today November 6, 2019.

The most traded SHFE 1912 contract wavered in a tight range during the day, hitting the highest in nearly one month at RMB13,985 per tonne and holding onto overnight gains to close 0.4% firmer at RMB13,965 per tonne. The most-traded SHFE December contract consolidated in a tight band and may extend the rangebound trend at RMB13,900-13,960 per tonne today.

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