LME aluminium benchmark price drops by US$59/t to US$2358/t; SHFE plummets by US$63/t

LME aluminium opened at US$2,372 per tonne on Tuesday and closed at US$2,360 per tonne, down US$17 per tonne or 0.72 per cent.

LME aluminium cash bid price stood at US$2,357 per tonne, with a 2.44 per cent or US$59 per tonne slump, according to London Metal Exchange. LME aluminium official settlement price halted at US$2,358 per tonne, experiencing a downfall of 2.44 per cent or US$59 per tonne on July 12, Tuesday.

3-month bid price tumbled down US$51 per tonne or 2.11 per cent resting at US$2,370 per tonne. 3-month offer price plunged by 2.17 per cent or US$52.50 per tonne to close at US$2,370.50 per tonne. 

December 23 bid price stood at US$2,390 per tonne, dropping by 1.77 per cent or US$43 per tonne. December 23 offer price closed at US$2,395 per tonne, moving down by US$43 per tonne or 1.76 per cent.

LME aluminium opening stock continued to decrease by 1 per cent or 3,450 tonnes from 343,825 tonnes to 340,375 tonnes as of July 12.

Live warrants totalled 156,300 tonnes, with no alteration at all. Cancelled warrants read 184,075 tonnes, after 3,450 tonnes or 1.84 per cent was deducted.

The LME aluminium 3-month Asian Reference Price declined by 2.22 per cent or US$53.55 per tonne to stop at US$2,359.05 per tonne.

SHFE aluminium price 

Today, on July 13, the SHFE benchmark aluminium price has lost US$63 per tonne or 2.36 per cent to stand at US$2,606 per tonne, if compared with data collected yesterday.

Overnight, the most-traded SHFE 2208 aluminium contract opened at RMB 17,650 per tonne, with its low and high at RMB 17,370 per tonne and RMB 17,710 per tonne before closing at RMB 17,410 per tonne, down RMB 175 per tonne or 1 per cent.

The most-traded SHFE 2208 aluminium closed down 3.7 per cent or RMB 675 per tonne to RMB 17,585 per tonne, with open interest up 3,073 lots to 176,304 lots.