LME aluminium benchmark price records a drop of 1.6% after two hikes in a row; SHFE gains US$10/t

The three-month LME aluminium opened at US$2,618.50 per tonne on Tuesday and closed at US$2,624.50 per tonne, an increase of US$6 per tonne or 0.23 per cent.

On Tuesday, January 17, the LME aluminium cash bid price and the LME aluminium official settlement price recorded a downfall of US$40.50 per tonne or 1.56 per cent after two consecutive hikes. Thus, the prices stood at US$2,562 per tonne and US$2,562.50 per tonne versus US$2,602.50 per tonne and US$2,603 per tonne on the previous day.

The 3-month bid price contracted by US$37.50 per tonne to settle at US$2,586 per tonne, while the 3-month offer price shrank by US$37 per tonne to close at US$2,587 per tonne. December 24 bid price and December 24 offer price showed no exception but registered a decline of US$44 per tonne to come in at US$2,723 per tonne and US$2,728 per tonne, respectively.

LME aluminium opening stock continued to mark its downtrend by losing 4,500 tonnes to come in at 395,150 tonnes.

Live Warrants and Cancelled Warrants declined too on Tuesday, January 17, reaching 190,125 tonnes and 205,025 tonnes, respectively.

The 3-month Asian Reference Price stopped at US$2,586.10 per tonne, shrinking by US$5.33 per tonne from the earlier day.

SHFE aluminium price 

On Wednesday, January 18, the SHFE aluminium benchmark price has accumulated US$10 per tonne in a day to stand at US$2,763 per tonne, following an intermittent drop of US$6 per tonne on January 17.

The most-traded SHFE 2303 aluminium contract opened at RMB 18,620 per tonne overnight before closing at RMB 18,750 per tonne, up by RMB 130 per tonne.

The most-traded SHFE 2302 aluminium closed up 0.46 per cent or RMB 85 per tonne to rest at RMB 18,580 per tonne, with open interest down 5,196 lots to 90,681 lots.