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11 MAY 2022 AL CIRCLE

LME aluminium price declines to a 5-month low at US$2677/t; SHFE finally rises to US$2980/t

EDITED BY : MAYURAKSHI GANGULY 2MINS READ

LME aluminium opened at US$2,748 per tonne on Tuesday and closed at US$2,770 per tonne, an increase of US$21 per tonne or 0.76 per cent.

LME aluminium price declines to a 5-month low at US$2677/t; SHFE finally rises to US$2980/t , Alcircle News

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However, LME aluminium cash bid price stood at US$2,676 per tonne, with a fall of 1.14 per cent or US$31 per tonne, as of May 10. LME aluminium official settlement price also experienced a decline of US$31 per tonne to stand at US$2,677 per tonne.

LME aluminium prices declined to the five-month low because funds were being bet on lower prices due to decreasing demand but in near future the disturbances regarding output cuts in Europe because of high power costs may counterbalance the LME price.

3-month bid price and 3-month offer price slumped by 1.27 per cent or US$35 per tonne to US$2,713 per tonne and US$2,715 per tonne, respectively. 

December 23 bid price halted at US$2,695 per tonne, falling 0.74 per cent or US$20 per tonne. The December 23 offer price closed at US$2,700 per tonne, going down by US$20 per tonne or 0.73 per cent.

LME aluminium opening stock continued to decrease by 1.40 per cent or 7,975 tonnes from 568,250 tonnes to 560,275 tonnes as of 10th of May.

Live warrants totalled 294,250 tonnes, nosediving by 17 per cent or 60,450 tonnes. But Cancelled warrants read 266,025 tonnes, witnessing a major hike of 52,475 tonnes or 24 per cent. 

The LME aluminium 3-month Asian Reference Price dropped by 2.11 per cent or US$59.45 per tonne to stop at US$2757.89 per tonne.

Global Aluminium Industry

SHFE aluminium price 

Today, on 11th of May, the SHFE benchmark aluminium price rose US$40 per tonne or 1.36 per cent to stand at US$2,980 per tonne if compared with data collected yesterday.

The most-traded SHFE 2206 aluminium contract opened at RMB 19,710 per tonne overnight and rose to RMB 19,935 per tonne before closing at RMB 19,840 per tonne, up RMB 90 per tonne or 0.46 per cent.

The most-traded SHFE 2206 aluminium closed up 0.35 per cent or RMB 70 per tonne to RMB 19,845 per tonne, with open interest down 11,865 lots to 190,554 lots.

Tagged with:

Price LME Aluminium

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EDITED BY : MAYURAKSHI GANGULY 2MINS READ

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