LME aluminium price closed lower at $1744/t; SHFE aluminium plunges to $2117/t

The safe-haven dollar climbed to a four-week peak on Tuesday, September 8, led by gains versus sterling on renewed worries about Brexit and as risk appetite waned with a sell-off on Wall Street.

Three-month LME aluminium rebounded from an intraday low of US$ 1,775 per tonne to close 0.14 per cent weaker at US$ 1,795 per tonne on Tuesday, and is likely to move between US$1,780-1,810 per tonne today.

As of Tuesday, September 8, both LME aluminium cash (bid) price and LME official settlement price stood at US$ 1744 per tonne, declining by US$ 19 per tonne from US$ 1763 per tonne on September 7. 3-months bid price and 3-months offer price hovered at US$ 1783 per tonne versus US$ 1803.5 per tonne on the previous day. Dec 21 bid price and Dec 21 offer price came in at US$ 1857.50 per tonne.

The LME aluminium opening stock continued to decline to 1529425 tonnes. Live Warrants stood at 1308000 tonnes, while Cancelled Warrants at 221425 tonnes.

LME aluminium 3-months Asian Reference Price hovered at US$ 1796.93 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased for the second consecutive day by US$20 per tonne to US$ 2117 per tonne on Wednesday, September 9.

The most-liquid SHFE 2010 aluminium contract slipped to a session low of RMB 14,460 per tonne and closed 0.35 per cent higher at RMB 14,485 per tonne today. Open interest fell 944 lots to 121,000 lots.

The most-liquid SHFE 2010 aluminium contract slipped 0.28 per cent to settle at RMB 14,455 per tonne in overnight trading, after recording a new low since the start of this week at RMB 14,310 per tonne earlier in the session. The contract is likely to trade between RMB 14,350-14,500 per tonne today, while spot premiums are seen at RMB 90 per tonne. 

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