LME aluminium benchmark price slumps by US$50.5/t; but SHFE price heightens by US$34/t

Three-month LME aluminium opened at US$2,412 per tonne on Thursday, with high and low at US$2,419.5 per tonne and US$2,361 per tonne, respectively, before closing at US$2,379 per tonne, a drop of US$15 per tonne or 0.62 per cent.

On Thursday, November 17, LME aluminium cash bid price and LME aluminium official settlement price continued to decline for the second day in a row by US$50 per tonne and US$50.50 per tonne, respectively, to stand at US$2,342 per tonne and US$2,342.50 per tonne.

3-month bid price and the 3-month offer price plunged by US$48 per tonne and US$49 per tonne to rest at US$2,370 per tonne and US$2,371 per tonne. Both December 23 bid price and December 23 offer price recorded a downfall of US$48 per tonne to settle at US$2,445 per tonne and US$2,450 per tonne.

LME aluminium opening stock further slumped by 4,725 tonnes to peg at 528,250 tonnes as of November 17. Live warrants and Cancelled warrants clocked at 316,800 tonnes and 211,450 tonnes. While the former remained restrained, the latter slipped by 4,725 tonnes.

LME aluminium 3-month Asian Reference Price totalled US$2,413 per tonne.

SHFE aluminium price 

On Friday, November 18, the benchmark aluminium price for SHFE has heightened by US$34 per tonne to close the week at US$2,680 per tonne, following the past two consecutive days of decline from US$2,668 per tonne to US$2,646 per tonne.

Overnight, the most-traded SHFE 2212 aluminium contract opened at RMB 18,915 per tonne, with its low and high at RMB 18,880 per tonne and RMB 19,170 per tonne before closing at RMB 19,065 per tonne, up RMB 190 per tonne or 1.01 per cent.

The most-traded SHFE 2212 aluminium closed up 0.56 per cent or RMB 105 per tonne at RMB 19,015 per tonne, with open interest up 1,729 lots to 179,706 lots.