LME closed the week lower at 1843.50 per tonne; a weak dollar likely to give support to both LME and SHFE today
The US dollar index slipped on Friday as the euro rose sharply. LME base metals traded higher across the board on Friday April 12. LME aluminium advanced about 0.3% and SHFE aluminium popped 0.1%.
LME closed the week lower at 1843.50 per tonne on Friday. As the US dollar weakened, three-month LME aluminium rallied from a month-low of US$1,846 per tonne on Friday, and closed 0.3% higher at US$1,864 per tonne. The trading level of LME aluminium remained below all moving averages. Weak fundamentals are likely to cap upside room in LME aluminium, which is expected to trade at US$1,850-1,880 per tonne today.
As on April 12, LME aluminium cash (bid) price stood at US$ 1843 per tonne, LME official settlement price stands at US$ 1843.50 per tonne; 3-months bid price stands at US$ 1864 per tonne, 3-months offer price is US$ 1865 per tonne; Dec 20 bid price stands at US$ 1995 per tonne, and Dec 20 offer price stands at US$ 2000 per tonne.
The LME aluminium opening stock dropped to 1081975 tonnes. Live Warrants totalled at 692650 tonnes, and Cancelled Warrants were 389325 tonnes.
LME aluminium 3-months Asian Reference Price is hovering at US$ 1862 per tonne.
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