The previous trading day, LME aluminium opened at US$2,461 per tonne, reached a high of US$2,462 per tonne and a low of US$2,403 per tonne, and closed at US$2,416 per tonne, down US$44 per tonne, a decrease of 1.79 per cent.
As per the reports on Tuesday, aluminium prices dropped to their lowest point in over three month due to concerns about oversupply. On the same day, both LME aluminium cash bid price and LME aluminium official settlement price contracted by US$27 per tonne or 1.12 per cent to settle at US$2,367.50 per tonne and US$2,377 per tonne.
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3-month bid price and 3-month offer price slumped by US$31 per tonne or 1.25 per cent and US$31.5 per tonne or 1.27 per cent to clock at US$2,436 per tonne and US$2,436.50 per tonne. December 25 bid price and December 25 offer price also descended by US$30 per tonne or 1.14 per cent to dock at US$2,592 per tonne and US$2,597 per tonne.
LME aluminium opening stock came in at 965550 tonnes. Live warrants and Cancelled warrants closed at 405475 tonnes and 560075 tonnes. LME aluminium 3-month Asian Reference Price also dropped by US$13.25 per tonne or 0.53 per cent to reside at US$2,451.91 per tonne.
SHFE aluminium price
On Wednesday, July 17, the SHFE aluminium benchmark price moved down by US$4 per tonne or 0.14 per cent to arrive at US$2,723 per tonne. Overnight, the most-traded SHFE aluminium 2409 contract opened at RMB 19,800 per tonne, reaching a high of RMB 19,870 per tonne and a low of RMB 19,730 per tonne, and closed at RMB 19,810 per tonne, down RMB 85 per tonne, a decrease of 0.43 per cent.
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