LME aluminium price drops the lowest in six months at US$2694.5/t; SHFE sheds US$71/t to start week at US$3000/t

LME aluminium opened at US$2,760 per tonne last Friday and closed at US$2,682.5 per tonne, a drop of US$77.5 per tonne or 2.81 per cent. LME aluminium price has decreased exponentially due to weak economic growth diminishing the metals’ demand in the market. Moreover, the second round of Covid-19 lockdowns in China has been instrumental in the interest rate hike.  

LME aluminium cash bid price and LME aluminium official settlement price plunged to the lowest in six months on Friday, June 10, by US$57.50 per tonne or 2.09 per cent to stand at US$2,694.50 per tonne and US$2,695 per tonne, respectively.

The 3-month bid price fell 2.71 per cent or US$ 75.50 to close at US$ 2,709.50 per tonne, followed by the 3-month offer price losing US$76 per tonne or 2.73 per cent to settle at US$2,710 per tonne.

December 23 bid price and December 23 offer price halted at US$2,658 per tonne and US$2,663 per tonne, respectively, down by US$69 per tonne each.

LME aluminium opening stock continued to decline by 2,700 tonnes to stop at 427350 tonnes. Live warrants stood at 186475 tonnes with a cut of 1450 tonnes on June 10 and Cancelled warrants recorded 240875 tonnes after 1250 tonnes were lost. 

LME aluminium 3-month Asian reference price plummeted by US$71.04 per tonne or 2.51 per cent to close at US$2,755.17 per tonne.

SHFE aluminium price

On Monday, June 13, the benchmark aluminium price for SHFE has nosedived by US$71 per tonne or 2.31 per cent to settle at US$3,000 per tonne.

The most-traded SHFE 2207 aluminium contract opened at RMB 20,480 per tonne at last Friday’s night session and rose to RMB 20,535 per tonne before closing at RMB 20,370 per tonne, down RMB 205 per tonne or 1 per cent.

The most-traded SHFE 2207 aluminium closed down 1.27 per cent or RMB 265 per tonne to RMB 20,605 per tonne, with open interest down 18,798 lots to 162,337 lots.