LME aluminium price losses US$222/t this week to close at US$2695/t; SHFE price shrinks to US$3184/t

LME aluminium benchmark price shrunk by US$222 per tonne throughout the week ended October 29, 2021.

LME aluminium cash (bid) price and LME official settlement price started the week on Monday, October 25, at US$2,916.50 per tonne and US$2,917 per tonne. They both plunged on October 26 for the sixth day in a row by US$86 per tonne to US$2,830.50 per tonne and US$2,831 per tonne. On October 27, the prices again fell sharply by US$127 per tonne to come in at US$2,703.50 per tonne and US$2,704 per tonne, but moved up the next day to US$2,720.50 per tonne and US$2,721 per tonne. On Friday, October 29, both LME aluminium cash (bid) price and LME official settlement price closed the week US$2,694.50 per tonne and US$2,695 per tonne, respectively.

3-month bid price and 3-month offer price settled the week at US$2,693 per tonne and US$2,695 per tonne, while December 22 bid price and December 22 offer price ended at US$2,628 per tonne and US$2,633 per tonne, respectively.

LME aluminium opening stock slipped through the week to 1042800 tonnes.

SHFE Aluminium Price Trend

The benchmark aluminium price for SHFE declined incessantly in the first four days (October 25-28) of the week from US$3,408 per tonne to US$3,060 per tonne. On Tuesday, the price stood at US$3,281 per tonne, and on Wednesday, it stood at US$3,244 per tonne. On Thursday, October 28, the SHFE aluminium price decreased further to stand at US$3,060 per tonne but hiked on Friday to close at US$3,184 per tonne.