SME Holds Ground When China Market Oversupplied
LME aluminium continuous fell down and gained from US$2179/Tonne on Jan 11 to end at US$2214 per tonne on Jan 12.
On January 12, LME official 3M Bid Price is US$ 2222.5 per tonne, 3M Offer Price is US$2223 per tonne,cash buyer aluminium price (Bid Price) stands at US$ 2214 per tonne, cash seller & settlement aluminium price (Offer price) is US$ 2215 per tonne, Dec1 cash buyer aluminium price is US$ 2262 per tonne, and Dec1 cash seller & settlement aluminium price is US$2267 per tonne. LME aluminium opening stock stands at 1.08 million tonnes, off from the stock on last closing.
The Asian reference price for LME aluminium reduce to US$ 2204 per tonne.
Shanghai Metal Exchange (SME) aluminium price has reduced slightly from US$ 2280/Ton on January 11 to US$ 2280/Ton on January 12. As reported by SMM, SHFE aluminium hope to trade at RMB 15,010-15,110/Ton with longs operating in the short term. Spot discounts are to change at RMB 80-100/Ton.
As reported by Reuters, the most-transacted aluminium contract on the SHFE off at 1.2% at RMB 15,210/Ton and improve higher on Thursday's 1% jump in London Metal Exchange.
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