LME aluminium price discards 5.3% M-o-M; SHFE aluminium price collects US$7/t today, down 3.46% M-o-M

LME aluminium opened at US$2,274.0 per tonne on Thursday, with its low and high at US$2,244.0 per tonne and US$2,275.6 per tonne, respectively, before closing at US$2,249.0 per tonne, down 1.58 per cent.

The London Metal Exchange (LME) market’s official aluminium price graph on February 1 displayed minor setbacks in the rates of ingots, with the LME official cash bid price stopping at US$2,212 per tonne and the LME official settlement price halting at US$2,212.50 per tonne, dwindling by US$19.50 per tonne or 0.87 per cent, respectively.

Comparison with January 2024 – Prevailing market conditions 

The LME aluminium market shows a Month-on-Month descent of US$124 per tonne or 5.3 per cent from the highest recorded price of 2024 on January 2, which was US$2,336.50 per tonne. The overburdening of Russian stocks in LME warehouses, the skyrocketing initial cost of the green energy transition and the implementation of a new CBAM regime are taking their toll on the European aluminium market. To know more about the prevailing conditions, click here.

The LME 3-month bid price and the LME 3-month offer price dampened by US$19.50 per tonne or 0.86 per cent to settle at US$2,250.50 per tonne and US$2,251 per tonne.

The December 25 bid price and December 25 offer price dropped US$22 per tonne or 0.87 per cent to officiate at US$2,485 per tonne and US$2,490 per tonne.

LME aluminium opening stock came in at 535,575 tonnes, with a loss of 2,000 tonnes or 0.37 per cent. Live warrants and cancelled warrants stood at 318,575 tonnes and 217,000 tonnes, respectively. LME aluminium 3-month Asian Reference Price shed US$24.77 per tonne or 1.09 per cent to arrive at US$2,255.23 per tonne.

SHFE aluminium price today

On February 2, today, the SHFE aluminium price halted at US$2,651 per tonne, with a measurable increase of US$7 per tonne or 0.26 per cent. When the SHFE aluminium price on January 2 is taken into account, we can see a Month-on-Month slump of US$95 per tonne or 3.46 per cent.

The most-traded SHFE 2403 aluminium contract opened at RMB 18,900 per tonne overnight, with its low and high at RMB 18,850 per tonne and RMB 18,915 per tonne before closing at RMB 18,895 per tonne, down 0.05 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.