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04 AUGUST 2020 AL CIRCLE

LME aluminium price closed lower at US$1679.50/t, SHFE increased by US$20/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Three-month LME aluminium closed 2.02 per cent higher at US$ 1,744.5 per tonne on Monday, August 3.

Both LME aluminium cash (bid) price and LME official settlement price, as of Monday, August 3, decreased by US$ 6 per tonne to stand at US$ 1679.50 per tonne. 3-months bid price and 3-months offer price stood at US$ 1718.50 per tonne, registering a downfall of US$ 3.5 per tonne from US$ 1722 per tonne on July 31. Dec 21 bid price and Dec 21 offer price remained restrained at US$ 1796 per tonne.

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LME aluminium price closed lower at US$1679.50/t

The LME aluminium opening stock decreased from 1637425 tonnes to 1632175 tonnes. Live Warrants hovered at 1375600 tonnes, while Cancelled Warrants at 256575 tonnes.

LME aluminium 3-months Asian Reference Price stood at US$ 1709.09 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE increased by US$ 20 per tonne from US$ 2126 per tonne to US$ 2146 per tonne on Tuesday, August 4.

The most-liquid SHFE 2009 aluminium contract fell rapidly to a session low of RMB 14,475 per tonne after opening, before regaining the ground and rebounding to around RMB 14,600 per tonne. The contract finished the day 0.54 per cent lower at RMB 14,600 per tonne. Domestic aluminium ingot inventories dipped from last Thursday July 30, and stocks under warrants also fell below 100,000 tonnes. Changes in open interest will come under scrutiny tonight.

Energy Consumption in Aluminium Smelting

The most-active SHFE 2009 aluminium contract extended earlier gains and ended 1.51 per cent higher at RMB 14,815 per tonne in overnight trading. It is expected to fluctuate at high levels today, with spot premiums at about RMB 20 per tonne.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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