LME aluminium price dips lower at the year’s end with 6.19% M-o-M fall; SHFE maintains average status

LME aluminium opened at US$2122.5 per tonne yesterday, with its high and low at US$2147 per tonne and US$2109 per tonne, respectively, before closing at US$2145 per tonne, up 0.99 per cent.

The LME aluminium live price chart, on December 13, witnessed a linear movement in aluminium prices, with the LME aluminium cash bid price and the LME aluminium official price shedding US$7.50 per tonne or 0.36 per cent to officially close at US$2,082.50 per tonne and US$2,083 per tonne.

If we consider the price on November 13, one month ago, there has been a US$137.50 per tonne or 6.19 per cent month-on-month plunge from US$2,220.50 per tonne recorded that day. On a Year-on-Year scale, the aluminium price has significantly shrunk by US$305 per tonne or 12.77 per cent from US$2,388 per tonne registered on 13 December 2022. 

Throughout the year, the months of July and August saw constant instability in aluminium prices, with the price trying to recover in mid-October to find its depth again in December. It has been predicted that new protocols on aluminium trade by the Biden Government might balance LME aluminium prices next year. 

It was flashed on the London Metal Exchange graph that the 3-month bid price and the 3-month offer price decreased by US$13 per tonne or 0.61 per cent and US$12.50 tonne or 0.58 per cent, halting at US$2,123 per tonne and US$2,124 per tonne, respectively.

The December 24 bid price and the December 24 offer price dived by US$12 per tonne or 0.53 per cent, stopping at US$2,243 per tonne and US$2,248 per tonne.

LME aluminium opening stock discarded 700 tonnes or 0.15 per cent, officially resting at 449,525 tonnes. Live warrants stood at 210,025 tonnes, adding 1,300 tonnes or 0.62 per cent. Cancelled warrants halted at 239,500 tonnes, falling by 2,000 tonnes or 0.83 per cent.

LME aluminium 3-month Asian Reference Price clocked at US$2,117.81 per tonne, down US$16.69 per tonne or 0.78 per cent.

SHFE aluminium price

Today, on December 14, the Shanghai Futures Exchange (SHFE) aluminium price chart displayed a surge of US$30 per tonne or 1.16 per cent, with the official SHFE price settling at US$2,619 per tonne.

On a month-on-month scale, the SHFE aluminium price has gained US$22 per tonne or 0.85 per cent from US$2,597 per tonne recorded on November 14. On a yearly basis, the SHFE aluminium price has dropped US$134 per tonne or 4.87 per cent from US$2,753 per tonne marked on December 14, last year. 

Overnight, the most-traded SHFE 2401 aluminium contract opened at RMB 18385 per tonne, with high and low at RMB 18500 per tonne and RMB 18380 per tonne before closing at RMB 18465 per tonne, up RMB 140 per tonne or 0.76 per cent. 

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.