LME aluminium benchmark price plummets to US$2399.5/t showing uneven behaviour; SHFE loses US$39/t closing at US$2719/t

LME aluminium opened at US$2,449 per tonne last Friday and closed at US$2,443.5 per tonne, down US$4 per tonne or 0.16 per cent.

LME aluminium cash bid price stood at US$2,399 per tonne, with a 0.72 per cent or US$17.50 per tonne slump, according to London Metal Exchange. LME aluminium official settlement price halted at US$2,399.50 per tonne, experiencing a downfall of 0.74 per cent or US$18 per tonne on July 8, Friday.

3-month bid price tumbled down US$19 per tonne or 0.78 per cent resting at US$2,414 per tonne. 3-month offer price plunged by 0.84 per cent or US$20.50 per tonne to close at US$2,414.50 per tonne. 

December 23 bid price stood at US$2,435 per tonne, dropping by 1.14 per cent or US$28 per tonne. December 23 offer price closed at US$2,440 per tonne, moving down by US$28 per tonne or 1.13 per cent.

LME aluminium opening stock continued to decrease by 1.7 per cent or 6,000 tonnes from 353,175 tonnes to 347,175 tonnes as of July 8.

Live warrants totalled 156,450 tonnes, witnessing a fall of 0.44 per cent or 700 tonnes. Cancelled warrants read 190,725 tonnes, after 5,300 tonnes or 2.7 per cent was deducted.

The LME aluminium 3-month Asian Reference Price augmented by 0.31 per cent or US$7.50 per tonne to stop at US$2,416.41 per tonne.

SHFE aluminium price 

Today, on July 11, the SHFE benchmark aluminium price has lost US$39 per tonne or 1.41 per cent to stand at US$2,719 per tonne, if compared with data collected previous week.

At last Friday’s night session, the most-traded SHFE 2208 aluminium contract opened at RMB 18,435 per tonne, with its low and high at RMB 18,370 per tonne and RMB 18,530 per tonne before closing at RMB 18,410 per tonne, up RMB 50 per tonne or 0.27 per cent.

The most-traded SHFE 2208 aluminium closed up 0.27 per cent or RMB 50 per tonne to RMB 18,360 per tonne, with open interest down 5,828 lots to 172,073 lots.