LME Aluminium Price Continue to Rise Slowly
LME Aluminium price continue to rise slowly. The light metal contract having grown from the monthly low of US$2,026 per ton on November 21, closed US$2,001 per ton yesterday. It closed at US$2,109 per ton after night trading on November 27.
According to raw material price trends,weak US dollar index and current price scenario,LME aluminium will keep unstable within a limited range in the short term. In the mid-term, it may stage a reversal again and decline below US$2,100 per ton mark.
On November 27, LME 3 Month Bid Price is US$2,123 per ton, 3 Month Offer Price is US$2,124 per ton, LME official cash buyer aluminium price stands at US$2,109 per ton, cash seller & settlement aluminium price is US$2,109.50 per tonne. LME aluminium Opening Stock or the LME aluminium inventory level stands at 1122700 tonnes, total Live Warrants is 893150 tonnes, and Cancelled Warrant is 229550 tonnes.
In China, Shanghai Metal Exchange has dropped further from US$2,237 per ton on November 27, to US$2,209 per tonne on November 28. In China domestic department, Shanghai Aluminium Futures Price is keeping unstable. Shanghai Metals Market predicts that volatility will extend in the short term, and SHFE aluminium may even move downward in the medium term.
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