LME aluminium price glides down by US$73.5/t to US$2486.5/t; SHFE follows an upward trend to US$2810/t

LME aluminium opened at US$2,571 per tonne on Monday and dropped in European trading hours to a low of US$2,503 per tonne before closing at US$2,544 per tonne, down 0.86 per cent.

On February 6, Monday, the LME aluminium cash bid price plummeted by US$72 per tonne or 2.8 per cent to stop at US$2,486 per tonne, and the LME aluminium official settlement price dropped by US$73.50 per tonne or 2.87 per cent, settling at US$2,486.50 per tonne. The LME aluminium prices have been on a downward trajectory excluding the first day of the month when the price stood at US$2,611 per tonne. 

The 3-month bid price has plunged by US$68 per tonne or 2.6 per cent, officially closing at US$2,525 per tonne, and the 3-month offer price has lost US$67 per tonne or 2.58 per cent, resting at US$2,527 per tonne.

December 24 bid price and December 24 offer price have halted at US$2,698 per tonne and US$2,703 per tonne on Monday, with an equal price decline of US$57 per tonne or 2.06 per cent.

LME aluminium opening stock witnessed an inventory decrease of 3,050 tonnes or 0.77 per cent to settle at 392,200 tonnes from 395,250 tonnes recorded last Friday, one week back.  

Live warrants totalled 225,275 tonnes, witnessing a fall of 625 tonnes or 0.28 per cent. Cancelled warrants read 166,925 tonnes, with 2,425 tonnes or 1.43 per cent being curtailed. 

The 3-month Asian Reference Price came in at US$2,574 per tonne after shedding US$28.79 per tonne or 1.11 per cent.

SHFE aluminium price

On February 7, today, the SHFE aluminium benchmark price has pegged at US$2,810 per tonne, with a recorded surge of US$31 per tonne or 1.11 per cent.

The most-traded SHFE 2303 opened at RMB 19,080 per tonne and hovered around RMB 19,000 per tonne during the night session.

The most-traded SHFE 2303 aluminium closed down 0.03 per cent or RMB 5 per tonne at RMB 19,060 per tonne, with open interest down 6,431 lots to 184,183 lots.