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> 11-09-2017
LME aluminium down by 0.64%; may break support at US$2,089/t


LME aluminium seems to have temporarily reversed its uptrend though it is too early to predict a direction.
The light metal contract dropped to US$2,082 per tonne after night trading on Tuesday, September 5, down 0.64 per cent from its earlier close of US$2,095.5 per tonne on September 4.

Reuters’ technical analysis suggests that LME aluminium may break support at US$2,089 per tonne, and fall further to US$2,068 per tonne on Wednesday, September 6.
According to Shanghai Metals Market forecast, LME aluminium will test support at the 20-day moving average and range at US$2,080-2,105 per tonne on Wednesday, September 6.

As on September 5, LME official cash buyer aluminium price (Bid Price) stands at US$2,081 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,082 per tonne, 3M Bid Price is US$2,106 per tonne, 3M Offer Price is US$2,106.50 per tonne, Dec3 Bid Price is US$2,218 per tonne, and Dec3 Offer Price is US$2,223 per tonne.
LME aluminium Opening Stock stands at 1324475 tonnes, total Live Warrants is 1151200 tonnes, and Cancelled Warrant is 173275 tonnes.

SME and SHFE Aluminium Price Trend The benchmark aluminium price at Shanghai Metal Exchange (SME) has dropped from US$2,475 per tonne on Tuesday, September 5, to US$2,458 per tonne on Wednesday, September 6.

At Shanghai Futures Exchange, all base metals declined on Tuesday’s night trading impacting active SHFE aluminium contracts as well.
SMM predicts that the most active aluminium contract SHFE 1711 aluminium will hover in the range of RMB 16,280-16,450 per tonne on Wednesday, September 6, testing support at the 20-day moving average.
In east China spot aluminium market, spot discounts over SHFE 1709 aluminium are expected to range at RMB 200-160 per tonne on Wednesday.
     
 
 

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