LME aluminium escalates to US$2431.5/t after US$47.5/t is added; SHFE slumps by US$7/t

LME aluminium opened at US$2,475 per tonne on Monday and closed at US$2,463 per tonne, down 0.22 per cent.

LME aluminium cash bid price stood at US$2,431 per tonne, with a 2.01 per cent or US$48 per tonne escalation on Monday, July 4. LME aluminium official settlement price halted at US$2,431.50 per tonne, experiencing an upward strike of 1.99 per cent or US$47.50 per tonne. 

3-month bid price grew by 2.12 per cent or US$51 per tonne to stand at US$2,450 per tonne, while the 3-month offer price witnessed a US$52 per tonne or 2.17 per cent hike to begin the week at US$2,452 per tonne. 

December 23 bid price and December 23 offer price climbed up the graph by US$50 per tonne or 2.05 per cent to rest at US$2,488 per tonne and US$2,493 per tonne, respectively.

LME aluminium opening stock continued to decrease by 0.95 per cent or 3,525 tonnes, from 369,675 tonnes to 366,150 tonnes as of July 4.

Live warrants totalled 158,200 tonnes, showing no alteration from last Friday’s data.

Cancelled warrants read 207,950 tonnes, shrinking by 1.67 per cent or 3,525 tonnes from the previous week.

LME aluminium 3-month Asian Reference Price had 2.38 per cent or US$57.42 per tonne added to it, stopping at US$2,464.43 per tonne.

SHFE aluminium price 

Today, on July 5, the SHFE benchmark aluminium price has lost US$7 per tonne or 0.24 per cent to stand at US$2,855 per tonne, if compared with data collected yesterday. 

The most-traded SHFE 2208 aluminium contract opened at RMB 19,000 per tonne overnight and touched a low of RMB 18,875 per tonne before closing at RMB 19,040 per tonne. The contract has climbed to the 5-day moving average but still faced upward pressure.

The most-traded SHFE 2208 aluminium closed up 0.08 per cent or RMB 15 yuan per tonne to RMB 18,980 per tonne, with open interest down 597 lots to 181,523 lots.