LME aluminium price hits 16-month low at US$2,306/t on weak demand; SHFE price plunges by US$41/t

LME aluminium opened at US$2,310.5 per tonne on Thursday and closed at US$2,316.5 per tonne, an increase of US$11.5 per tonne or 0.5 per cent.

On Thursday, the price of aluminium fell to its lowest level in 16 months as new concerns about poor demand arose in the wake of disappointing economic data. As per the data, both LME aluminium cash bid price and LME aluminium official settlement price nosedived by US$62.5 per tonne or 2.63 per cent to settle at US$2,305.50 per tonne and US$2,306 per tonne.

3-month bid price and 3-month offer price also plunged by US$55.5 per tonne or 2.35 per cent to rest at US$2,300.50 per tonne and US$2,301.50 per tonne.

December 23 bid price and December 23 offer price tumbled by US$53 per tonne or 2.20 per cent and 2.19 per cent to score at US$2,352 per tonne and US$2,357 per tonne.

LME aluminium opening stock stood at 276375 tonnes. Live warrants and Cancelled warrants halted at 191100 tonnes and 85275 tonnes.

LME aluminium 3-month Asian Reference Price declined by US$84.07 per tonne or 3.49 per cent to halt at US$2,321.34 per tonne.

SHFE aluminium price 

On Friday, September 2, the SHFE benchmark aluminium price dropped by US$41 per tonne or 1.53 per cent to stand at US$2,624 per tonne.

The most-traded SHFE 2210 aluminium closed down 2.43 per cent or RMB 445 per tonne to RMB 17,900 per tonne, with open interest up 7,301 lots to 172,991 lots.

The most-traded SHFE 2210 aluminium contract opened at RMB 17,900 per tonne overnight and rose to RMB 18,000 per tonne before closing at RMB 17,915 per tonne, up RMB 15 per tonne or 0.08 per cent.