LME aluminium benchmark price plunges by US$81/t; SHFE aluminium price loses US$18/t today

LME aluminium opened at US$2,326 per tonne yesterday, with its high and low at US$2,337.5 per tonne and US$2,287 per tonne, respectively, before closing at US$2,306 per tonne, a decrease of US$19.5 per tonne or 0.84 per cent.

On January 3, the London Metal Exchange registered falling aluminium prices today, with the LME aluminium cash bid price stopping at US$2,255 per tonne and the LME aluminium official settlement price closing at US$2,255.50 per tonne, with a uniform loss of US$81 per tonne or 3.47 per cent.

The 3-month bid price and the 3-month offer price have both decreased by US$77 per tonne or 3.24 per cent to anchor at US$2,301 per tonne and US$2,302 per tonne, respectively.

The 24 December bid price and the 24 December offer price have dipped by US$71 per tonne or 2.73 per cent to clock at US$2,532 per tonne and US$2,302 per tonne.

In-depth analogy of the LME aluminium market 

The LME aluminium price trend has constantly been on the lower side for the greater part of December. It slightly gained hierarchy on December 29, just before the New Year Holidays, when the LME official aluminium price stood at US$2,335.50 per tonne. This grew by 0.04 per cent or US$1 per tonne to reach US$2,336.50 per tonne on January 2, which can be considered the highest marked price since December’s start.

Opening stocks and warrants 

The LME opening stock has negated 1,200 tonnes or 0.21 per cent to a halt at 565,175 tonnes. Live warrants gained 400 tonnes or 0.11 per cent to poise at 374,650 tonnes, whereas cancelled warrants have shed 1,600 tonnes or 0.83 per cent to park at 190,525 tonnes.

The 3-month Asian Reference price has slumped by US$76.29 per tonne or 3.18 per cent, officially closing at US$2,317.83 per tonne.

SHFE aluminium price 

Today, on January 4, the SHFE aluminium price has discarded US$18 per tonne or 0.66 per cent to close at US$2,717 per tonne.

Overnight, the most-traded SHFE 2402 aluminium contract opened at RMB 19,330 per tonne, with low and high at RMB 19,260 per tonne and RMB 19,350 per tonne before closing at RMB 19,350 per tonne, up RMB 10 per tonne or 0.05 per cent. 

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.