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10 MAY 2022 AL CIRCLE

LME aluminium price drops drastically for the third day at US$2708/t; SHFE tumbles down to US$2940/t

EDITED BY : MAYURAKSHI GANGULY 2MINS READ

LME aluminium opened at US$2,748 per tonne on Monday and closed at US$2,742 per tonne, down US$7 per tonne or 0.25 per cent.

LME aluminium price drops drastically for the third day at US$2708/t; SHFE tumbles down to US$2940/t

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LME aluminium cash bid price collapsed to US$2,707 per tonne with a 4.41 per cent or US$125 per tonne decline. The LME aluminium official settlement price halted at US$2,708 per tonne, experiencing a downfall of 4.39 per cent or US$124.50 per tonne, on 9th May. 

The 3-month bid price and the 3-month offer price slumped by 4.18 per cent or US$120 per tonne to US$2,748 per tonne and US$2,750 per tonne, respectively. 

December 23 bid price stood at US$2,715 per tonne, falling 3.48 per cent or US$98 per tonne. The December 23 offer price closed at US$2,720 per tonne, going down by US$98 per tonne or 3.48 per cent.

LME aluminium opening stock continued to decrease by 0.62 per cent or 3,550 tonnes from 571,800 tonnes to 568,250 tonnes as of 9th May.

Live warrants totalled 354,700 tonnes, witnessing a plunge of 5.43 per cent or 20,375 tonnes. Cancelled warrants read 213,550 tonnes, after 16,825 tonnes or 8.55 per cent was added to it. 

The LME aluminium 3-month Asian Reference Price dropped by 3.09 per cent or US$89.87 per tonne to stop at US$2817.34 per tonne.

OUTLOOK 2022

SHFE aluminium price 

Today, on 10th May, the SHFE benchmark aluminium price dropped by US$17 per tonne or 0.57 per cent to stand at US$2,940 per tonne if compared with data collected yesterday.

The most-traded SHFE 2206 aluminium contract opened at RMB 19,580 per tonne overnight and rose to RMB 19,850 per tonne before closing at RMB 19,760 per tonne, down RMB 15 yuan per tonne or 0.08 per cent.

The most-traded SHFE 2206 aluminium closed down 2.42 per cent or RMB 490 per tonne to RMB 19,775 per tonne, with open interest down 2,793 lots to 202,419 lots.

Tagged with:

Price LME Aluminium futures

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EDITED BY : MAYURAKSHI GANGULY 2MINS READ

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