LME Aluminium Decline While Aluminium Ingot Supply Increases
LME aluminium price slipped as ingot flow increased and US dollar index regained strength on January 16. Shanghai Metals Market analyzes that LME aluminium will up to US$2,200/Tonnes with support at the 20-day moving average on January 17.
As on January 16, LME official 3M buyer aluminium price(Bid Price) is US$2,181/Tonnes, 3M seller & settlement aluminium price(Offer price) is US$2,181.50/Tonnes, cash buyer aluminium price (Bid Price) stands at US$2,171.50/Tonnes, cash seller&settlement aluminium price (Offer price) is US$2,172/Tonnes, Dec1 Bid Price is US$2,242/Tonnes, and Dec1 Offer Price is US$2,247 /Tonnes. LME aluminium opening stock stands at 1.08 million tonnes, total Live Warrants is 830000 tonnes and Cancelled Warrants 240000 tonnes.
The Asian reference price for LME aluminium is US$2,205/Tonne.Shanghai Metal Exchange Aluminium has reduced at US$2,286/Tonne on January 16 to US$2,247/Tonne on January 17.
SMM thinks SHFE aluminium will trade up to ¥14,750/Tonne today after hitting ¥14,725/Tonne on Tuesday, January 16, is gone for further lows today as oxen seem to be ending their positions in Shanghai market.
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