LME aluminium benchmark price tumbles by US$52/t overnight; SHFE price soars by US$37/t

On Monday, June 3, LME aluminum opened at $2,662.5 per tonne, hitting a high of US$2,691 per tonne, a low of US$2,637.50 per tonne, and closed at US$2,664 per tonne, up US$9 per tonne or 0.34 per cent.

LME aluminium cash bid price and LME aluminium official settlement price initiated the week on Monday, June 3, with a slump of US$53 per tonne and US$52 per tonne, respectively, to stand at US$2,623 per tonne and US$2,625 per tonne.

With the latest fall, the LME aluminium benchmark price stood 1 per cent lower than the previous week but remained 4.29 per cent higher than a month ago.

On the same day, 3-month bid price and 3-month offer price plunged by US$43.50 per tonne and US$42.50 per tonne to stand at US$2,668 per tonne and US$2,670 per tonne. December-25 bid price and December-25 offer price stood at US$2,763 per tonne and US$2,768 per tonne, down by US$57 per tonne from US$2,820 per tonne and US$2,825 per tonne on the previous day.

LME aluminium opening stock totalled 1,113,150 tonnes on June 3 versus 1,116,650 tonnes on May 31. Live Warrants and Cancelled Warrants amounted to 590,975 tonnes and 522,175 tonnes.

LME aluminium 3-month Asian Reference Price continued to decrease by 1.8 per cent to US$2,655.89 per tonne.

SHFE aluminium price

On Tuesday, June 4, the SHFE aluminium benchmark price surged by US$ 37 per tonne or 1.27 per cent to reach US$2,940 per tonne, marking a month-on-month hike of 3.16 per cent.

Overnight, the most-traded SHFE 2407 aluminum contract opened at RMB 21,280 per tonne, hit a high of RMB 21,310 per tonne, a low of RMB 21,160 per tonne, and closed at RMB 21,215 per tonne, down RMB 65 per tonne, a decrease of 0.31 per cent.