LME aluminium price ended the week with a decline of US$18.5/t; SHFE price stretched its fall over the weekend

LME aluminium opened at US$$2,255 per tonne last Friday, with its high and low at US$2,262 per tonne and US$2,201 per tonne, respectively, before closing at US$2,205.50 per tonne, a drop of US$51.50 per tonne or 2.28 per cent.

On Friday, July 21, LME aluminium cash bid price and LME aluminium official settlement price contracted, following an intermittent rise on the previous day. The LME aluminium cash bid price decreased by US$18 per tonne to reach US$2,153 per tonne, while the LME aluminium official settlement price fell US$18.50 per tonne to come in at US$2,153.50 per tonne.

On a week-on-week calculation, the LME aluminium benchmark price edged 3.21 per cent lower than US$2,225 per tonne, and on a month-on-month basis, the price stood slightly down by US$3.50 per tonne from US$2,157 per tonne.

On July 21, the 3-month bid price and 3-month offer price closed the week at US$2,196.50 per tonne and US$2,197.50 per tonne, down by US$23 per tonne and US$22.50 per tonne from the previous day. December 24 bid price and December 24 offer price amounted to US$2,360 per tonne and US$2,365 per tonne, respectively.

LME aluminium opening stock grew negligibly by 300 tonnes to end the week at 513,400 tonnes. Live Warrants and Cancelled Warrants totalled 276,475 tonnes and 236,925 tonnes, respectively.

Meanwhile, the 3-month Asian Reference Price increased by 0.31 per cent to US$2,210.68 per tonne.

SHFE aluminium price:

On Monday, July 24, the Shanghai Futures Exchange (SHFE) aluminium price has dipped by US$1 per tonne to US$2,545 per tonne, marking the second consecutive day of fall.

The most-traded SHFE 2308 aluminium contract opened at RMB 18,305 per tonne at last Friday’s night session, with its low at RMB 18,235 per tonne before closing at RMB 18,280 per tonne, up RMB 5 per tonne or 0.03 per cent.