LME aluminium is continuing its slide under negative market fundamentals. Crude oil prices are falling globally. Unable to draw support from the key commodity factor, the light metal dived to US$1,855 per tonne after night trading on Monday, June 26, down from US$1,868 per tonne last Friday, June 23. Shanghai Metals Market (SMM) forecasts that LME aluminium will range at the lows of US$1,855-1,873 per tonne on Tuesday, June 27.
As on June 26, LME official cash buyer aluminium price stands at US$1,854 per tonne, cash seller & settlement aluminium price is US$1,855 per tonne, 3M buyer price is US$1,875 per tonne, 3M seller price is US$1,862 per tonne, Dec1 buyer price is US$1,897 per tonne, and Dec1 seller price is US$1,902 per tonne. The current LME official Opening Stock of aluminium is estimated at 1424475 tonnes, total Live Warrant is 1063350 tonnes, and Cancelled Warrant is 361125 tonnes.
LME aluminium premiums, as on June 23, remain unchanged across major regions. LME Aluminium East-Asia Premium stands at US$110, LME Aluminium South-East Asia Premium remains unchanged at US$15, and LME Aluminium West-Europe Premium is at US$85, and LME Aluminium US Premium is at US$195 (per tonne).
The benchmark aluminium price at Shanghai Metal Exchange (SME) stands at US$1,989 per tonne on Tuesday, June 27, down 1.04 per cent from the benchmark price of US$2,010 per tonne on June 26.
At Shanghai Futures Exchange (SHFE), the most active aluminium future contract SHFE 1708 aluminium opened at RMB 13,860 per tonne on Monday, June 26 and then climbed to RMB 13,910 per tonne driven by long buying. SMM predicts that SHFE 1708 aluminium will trade in a tight range and move at RMB 13,750-13,870 per tonne on Tuesday, June 27.
Spot aluminium in east China market is expected to trade at discounts of RMB 140-120 per tonne over SHFE 1707 aluminium contract on Tuesday.
China Aluminum International Trading Co. (Chalco Trading) cut aluminium prices it offered in major markets today after the hike yesterday. The revised prices are as follows:
Unit: RMB per tonne
The market focus will be on the profit data at China’s large industrials in May and Conference Board’s June CCI for the US on Tuesday, SMM said.