LME aluminium benchmark price drops by US$20/t; SHFE price loses US$11/t

The previous trading day, LME aluminium opened at US$2,710.5 per tonne, reached a high of US$2,749 per tonne and a low of US$2,621 per tonne, and closed at US$2,640.5 per tonne, down US$75 per tonne, a decrease of 2.76 per cent.

On Wednesday, May 22, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$19 per tonne or 0.71 per cent and US$20 per tonne or 0.75 per cent to settle at US$2,624 per tonne and US$2,625 per tonne. 

3-month bid price and 3-month offer price contracted by US$31 per tonne or 1.14 per cent to stand at US$2,672.50 per tonne and US$2,673 per tonne. December 25 bid price and December 25 offer price also dwindled by US$43 per tonne or 1.52 per cent to clock at US$2,772 per tonne and US$2,777 per tonne.

LME aluminium opening stock came in at 1125175 tonnes. Live warrants and Cancelled warrants stood at 607975 tonnes and 517200 tonnes. LME aluminium 3-month Asian Reference Price surged by US$98.22 per tonne or 3.72 per cent to halt at US$2735.12 per tonne.

SHFE aluminium price       

Today, on May 23, the Shanghai Futures Exchange (SHFE) aluminium benchmark price has fallen by US$11 per tonne or 0.38 per cent to peg at US$2,876 per tonne. Overnight, the most-traded SHFE aluminium contract 2407 opened at RMB 21,110 per tonne, reaching a high of RMB 21,220 per tonne and a low of RMB 20,945 per tonne, and closed at RMB 21,040 per tonne, down RMB 335 per tonne, a decrease of 1.57 per cent.