LME aluminium benchmark price drops for two days straight at US$2389.5/t; SHFE sees 3.2% decline like LME

LME aluminium opened at US$2,439.5 per tonne on Monday and closed at US$2,403.5 per tonne, down US$29.5 per tonne or 1.21 per cent.

LME aluminium cash bid price stopped at US$2,389 per tonne, with a 3.2 per cent or US$79 per tonne degradation on Monday, August 15, while LME aluminium official settlement price rested at US$2,389.50 per tonne, experiencing the exact same price decline.  

3-month bid price dropped by 3.35 per cent or US$82.50 per tonne to stand at US$2,383 per tonne, while the 3-month offer price plunged US$81 per tonne or 3.28 per cent to come in at US$2,385 per tonne. 

December 23 bid price and December 23 offer price slithered down the chart by US$75 per tonne or 3 per cent to rest at US$2,425 per tonne and US$2,430 per tonne, respectively.

LME aluminium opening stock continued to decrease by 0.54 per cent or 1,500 tonnes, from 277,225 tonnes to 275,725 tonnes as of August 15.

Live warrants totalled 171,900 tonnes, remaining restrained as it was the week before.  

Cancelled warrants read 103,825 tonnes, shrinking by 1.42 per cent or 1,500 tonnes from the previous Friday.

LME aluminium 3-month Asian Reference Price had a 4.38 per cent or US$110.18 per tonne cut, stopping at US$2,404.74 per tonne.

SHFE aluminium price 

Today, on August 16, the SHFE benchmark aluminium price experienced an US$88 per tonne or 3.2 per cent downfall to stand at US$2,652 per tonne, if compared with data collected yesterday. 

Overnight, the most-traded SHFE 2209 aluminium contract opened at RMB 17,975 per tonne and fell to RMB 17,725 per tonne as longs exited amid pessimistic macro sentiment, closing at RMB 17,975 per tonne, down RMB 340 per tonne or 1.86 per cent.

The most-traded SHFE 2209 aluminium closed down 3.54 per cent or RMB 660 per tonne to RMB 18,010 per tonne, with open interest down 14,532 lots to 155,802 lots.