LME aluminium price declines to US$2,309/t; SHFE price falls by US$24/t

LME aluminium opened at US$2,330 per tonne last Friday, with its intraday high and low at US$2,393 per tonne and US$2,287 per tonne, respectively, before closing at US$2,290 per tonne, a drop of US$61.5 per tonne or 2.61 per cent. The decline was caused by the growing LME aluminium inventory.

On Friday, October 14, both LME aluminium cash bid price and LME aluminium official settlement price declined by US$65 per tonne or 2.73 per cent to settle at US$2,308.50 per tonne and US$2,309 per tonne.

On the same day, 3-month bid price and 3-month offer price slumped by US$58 per tonne or 2.45 per cent and US$57.5 per tonne or 2.43 per cent to halt at US$2,302 per tonne and US$2,303 per tonne. 

On the other hand, December 23 bid price and December 23 offer price hiked by US$66 per tonne or 2.86 per cent to come in at US$2,368 per tonne and US$2,373 per tonne. 

LME aluminium opening stock recorded at 367200 tonnes. Live warrants and Cancelled warrants stopped at 324700 tonnes and 42500 tonnes. 

LME aluminium 3-month Asian Reference Price surged by US$85 per tonne or 3.71 per cent to score at US$2,376 per tonne. 

SHFE aluminium price 

On Monday, October 17, the SHFE aluminium benchmark price witnessed a cut of US$24 per tonne or 0.91 per cent to halt at US$2,588 per tonne. 

The most-traded SHFE 2211 aluminium closed up 2.36 per cent or RMB 435 per tonne to RMB 18,830 per tonne, with open interest up 18,423 lots to 160,537 lots.

At last Friday’s night session, the most-traded SHFE 2211 aluminium contract opened at RMB 18,730 per tonne, with its night session low at RMB 18,610 per tonne before closing at RMB 18,645 per tonne, up RMB 35 per tonne or 0.19 per cent.