LME aluminium benchmark price slides down by 1.15% to US$2414/t; SHFE collects US$29/t

LME aluminium opened at US$2,400 per tonne on Wednesday and hit a high of US$2,440.5 per tonne before closing at US$2,413.5 per tonne, up US$17 per tonne or 0.71 per cent.

LME aluminium cash bid price stopped at US$2,413.50 per tonne, with a 1.09 per cent or US$26.50 per tonne plunge on Wednesday, August 17, while LME aluminium official settlement price rested at US$2,414 per tonne, experiencing a decline of US$28 per tonne or 1.15 per cent.   

3-month bid price dropped by 1.19 per cent or US$29 per tonne to stand at US$2,412 per tonne, while the 3-month offer price stooped by US$30 per tonne or 1.23 per cent to come in at US$2,413 per tonne. 

December 23 bid price and December 23 offer price decreased by US$28 per tonne or 1.12 per cent to rest at US$2,457 per tonne and US$2,462 per tonne, respectively.

LME aluminium opening stock increased for the first time in a while by 0.45 per cent or 1,250 tonnes, from 275,625 tonnes to 276,875 tonnes as of August 17.

Live warrants totalled 173,400 tonnes, with a spike of 1,500 tonnes or 0.87 per cent.   

Cancelled warrants read 103,475 tonnes, shrinking by 0.24 per cent or 250 tonnes from the previous day.

LME aluminium 3-month Asian Reference Price had a 0.93 per cent or US$22.41 per tonne addition, stopping at US$2,428.18 per tonne.

SHFE aluminium price 

Today, on August 18, the SHFE benchmark aluminium price experienced a US$29 per tonne or 1.07 per cent hike to stand at US$2,745 per tonne, if compared with data collected yesterday. 

The most-traded SHFE 2209 aluminium contract opened at RMB 18,640 per tonne overnight, with its low at RMB 18,525 per tonne, and the contract finally closed at RMB 18675 per tonne, up RMB 90 per tonne or 0.49 per cent. Shorts exited due to output cuts, pushing aluminium prices up.

The most-traded SHFE 2209 aluminium closed up 3.75 per cent or RMB 675 per tonne to RMB 18,660 per tonne, with open interest up 6,843 lots to 153,829 lots.