LME aluminium strengthens again. The light metal contract which closed at US$2,066.5 per tonne on Wednesday, August 30, edged higher to close at US$2,113.5 per tonne on Thursday, August 31. According to Shanghai Metals Market forecast, LME aluminium may continue to hover at highs in the short term but will lack any further upward momentum. On Friday, September 1, it is expected to range at US$2,110-2,140 per tonne.
As on August 31, LME official cash buyer aluminium price (Bid Price) stands at US$2,113 per tonne, cash seller & settlement aluminium price (Offer price) is US$2,113.50 per tonne, 3M Bid Price is US$2,130 per tonne, 3M Offer Price is US$2,132 per tonne, Dec1 Bid Price is US$2,170 per tonne, and Dec1 Offer Price is US$2,175 per tonne. LME aluminium Opening Stock stands at 1323150 tonnes, total Live Warrants is 1145975 tonnes, and Cancelled Warrant is 177175 tonnes.
SME and SHFE Aluminium Price Trend
The benchmark aluminium price at Shanghai Metal Exchange (SME) has risen further up from US$2,447 per tonne on Thursday, August 31, to US$2,466 per tonne on Friday, September 1.
The most active aluminium contract SHFE 1709 aluminium rebounded at Shanghai Futures Exchange on Thursday, August 31. The uptrend encouraged traders to flock to the east China spot market driven by bullish sentiment. Mainstream traded prices ranged at RMB 16,220-16,260 per tonne in Shanghai, with discounts of RMB 250-240 per tonne over SHFE 1709 aluminium.
In east China market, spot discounts over SHFE 1709 aluminium are expected to range at RMB 260-220 per tonne on Friday.
The market focus will be on China's Caixin manufacturing PMI, Eurozone PMI and August Markit manufacturing PMI for the US, US August non-farm payrolls, unemployment rate, hourly wages and Michigan’s CCI in August on Friday, September 1, SMM said.
Source: China Aluminium Network