LME aluminium price falls for the second day by US$29.5/t but stands 1.9% M-o-M higher; SHFE gains US$15/t

LME aluminium opened at US$2,213 per tonne on Thursday, August 3, with high and low at US$2,233 per tonne and US$2,197 per tonne, respectively, before closing at US$2,232.5 per tonne, up by US$22 per tonne or 1.02 per cent.

The LME aluminium price chart shows a continued downfall in closing prices, with LME aluminium cash bid price and LME aluminium official settlement price losing US$29.50 per tonne to settle at US$2,146.50 per tonne and US$2,147 per tonne, respectively, as of Thursday, August 3.

However, despite the back-to-back downfalls, the LME aluminium benchmark price stood month-on-month higher by 1.90 per cent than US$2,107 per tonne.

3-month bid price contracted by US$33 per tonne to US$2,193 per tonne, and 3-month offer price plunged by US$32 per tonne to US$2,195 per tonne. December 24 bid price and December 24 offer price shed US$22 per tonne to close at US$2,363 per tonne and US$2,368 per tonne, respectively.

LME aluminium opening stock, on the other hand, gained 2,325 tonnes over a day coming in at 505,100 tonnes on August 3. Live Warrants stopped at 280,250 tonnes, slightly down by 0.27 per cent from 281,000 tonnes, while Cancelled Warrants settled at 224,850 tonnes, up by 1.39 per cent from 221,775 tonnes.

LME aluminium 3-month Asian Reference Price edged a fall of 1.1 per cent, reaching US$2,216.83 per tonne as of August 3.

SHFE aluminium price

On Friday, August 4, the SHFE aluminium benchmark price has recorded an increase of US$15 per tonne or 0.58 per cent to close the week at US$2,589 per tonne.

Overnight, the most-traded SHFE 2309 aluminium contract opened at RMB 18,415 per tonne, with the lowest and highest prices at RMB 18,390 per tonne and RMB 18,495 per tonne before closing at RMB 18,480 per tonne, up by RMB 30 per tonne or 0.16 per cent.