LME aluminium benchmark price dips $2.5/t after a substantial growth last day; SHFE price gains $6/t

On Wednesday, August 7, the three-month LME aluminum contract opened at US$2,297.50 per tonne and closed at US$2,273 per tonne, registering a decline of US$28 per tonne or 1.22 per cent. In the intervening period, the price reached a high of US$2,300 per tonne and a low of US$2,247.50 per tonne.

After a substantial growth on the previous day, the LME aluminium cash bid price and LME aluminium official settlement price dipped by US$1 per tonne and US$2.50 per tonne to reach US$2,202 per tonne and US$2,202.50 per tonne.

The 3-month bid price and 3-month offer price stood at US$2,262 per tonne and US$2,263 per tonne, down by US$5 per tonne from US$2,267 per tonne and US$2,268 per tonne. December-25 bid price and December-25 offer price   also decreased by US$5 per tonne to settle at US$2,418 per tonne and US$2,423 per tonne, respectively.

LME aluminium opening stock moved further down to 914,450 tonnes, losing 3,600 tonnes. Live Warrant and Cancelled Warrants amounted to 355,725 tonnes and 558,725 tonnes, respectively.

The LME aluminium 3-month Asian Reference Price shrank by US$36.96 per tonne to close at US$2,280.54 per tonne.

SHFE aluminium price

On Thursday, August 8, the SHFE aluminium benchmark price increased for the second consecutive day by US$6 per tonne to clock at US$2,630 pe rotnne.

The most-traded SHFE aluminium 2409 contract opened at RMB 18,885 per tonne overnight, reaching a high of RMB 19,025 per tonne and a low of RMB 18,820 per tonne, and closed at RMB 18,935 per tonne, up RMB 15 per tonne or 0.08 per cent.