The LME aluminum price dropped the consecutive two-day trading, amid the lack of clear momentum with stockpile of around 20,000 tons causing downside pressure. The LME aluminum price recorded $1,890.5 per ton for the cash official as of March 1, while the three months $1,910 per ton respectively.
The US and China declared extension of the trade talks expecting to reach the conclusion at the summit between the two leaders sooner. The US was schedule to execute 25 percent tariffs on Chinese imports worth $200 billion beginning March 2 unless the trade negotiations failed. The reason President Trump decided to postpone the talks means the US is attending the talks aggressively in order to end the trade wars with China.
Meanwhile, the LME aluminum stock increased temporarily by about 20,000 tons from February 28 approaching presently 1.23 million tons, while the weekly inventory inflated 1.4 percent to 747,012 tons according to SHFE.
According to Reuter, the first forecast is around the $1,850~1,925 level, and the purchase moves to hold on $1,900 per ton from the point of technical views. The LME aluminum price on the basis of cash official averaged $1,859.6 per ton in February, which rebounded by $13.7 per ton from the prior month in four months absence.
Source: Steel&Metal News |
