LME aluminium price cruised lower for the second day in a row to $1993/t; SHFE price extends decline to $2425/t
The LME complex cruised lower on Tuesday, including aluminium slipped 1.63 per cent. Benchmark aluminium price on the London Metal Exchange plunged by 0.97 per cent to US$ 1993 per tonne on Tuesday, December 22, from US$ 2012.50 per tonne on Monday.
Both LME aluminium cash (bid) price and LME official settlement price declined by US$ 19.50 per tonne on Tuesday, December 22, to peg at US$ 1993 per tonne, marking the second consecutive day of downfall. 3-months bid price and 3-months offer price stood at US$ 2006.50 per tonne, a decrease of US$ 17 per tonne from US$ 2023.50 per tonne on December 21. Dec 21 bid price and Dec 21 offer price came in at US$ 2027.50 per tonne.
The LME aluminium opening stock plunged from 1390350 tonnes to 1383725 tonnes on Tuesday, December 22, after an intermittent hike on December 21. Live Warrants stood at 1202500 tonnes, while Cancelled Warrants at 181225 tonnes.
LME aluminium 3-months Asian Reference Price hovered at US$ 1996 per tonne, as of Tuesday, December 22.
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SHFE Aluminium Price Trend
Benchmark aluminium price for SHFE decreased for the third day in a row to stand at US$ 2425 per tonne on Wednesday, December 23.
The most-liquid SHFE 2101 aluminium contract finished the day 3.56 per cent lower at RMB 15,840 per tonne. Open interest fell 10,727 lots to 86,874 lots.
Africa’s primary aluminium production decreases 5.15% M-o-M to 129,000 tonnes in November 2020
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