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27 OCTOBER 2023 AL CIRCLE

LME aluminium price marks two consecutive days of hike reaching US$2202.5/t; SHFE aluminium price plunges US$96/t M-o-M

EDITED BY : MAYURAKSHI GANGULY 2MINS READ

LME aluminium opened at US$2214 per tonne on Thursday, with its low and high at US$2193 per tonne and US$2228 per tonne, respectively, before closing at US$2196.5 per tonne, up 0.7 per cent. 

LME aluminium price marks two consecutive days of hike reaching US$2202.5/t; SHFE aluminium price plunges US$96/t M-o-M

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On October 26, the LME aluminium live price chart experienced a spike in aluminium prices, with the LME aluminium cash bid price and the LME aluminium official price heightening by US$14 per tonne or 0.64 per cent to officially close at US$2,202 per tonne and US$2,202.50 per tonne.

When the aluminium price on September 26 is taken into account, we can find US$7.50 per tonne or 0.34 per cent hike on a Month-on-Month scale. 

London Metal Exchange graph displayed that the 3-month bid price and the 3-month offer price have increased by US$7 per tonne or 0.32 per cent to stop at US$2,215 per tonne and US$2,216 per tonne.

The December 24 bid price and the December 24 offer price have inched up by US$5 per tonne or 0.21 per cent, settling at US$2,330 per tonne and US$2,335 per tonne.

LME aluminium opening stock recorded a downfall of 2,200 tonnes or 0.46 per cent, arriving at 480,250 tonnes. Live warrants stood at 203,325 tonnes, with no notable change at all. Cancelled warrants halted at 276,925 tonnes, with a major loss of 2,200 tonnes or 0.79 per cent. 

LME aluminium 3-month Asian Reference Price stopped at US$2,216 per tonne, up US$6.04 per tonne or 0.27 per cent.

Global Aluminium Industry Key trends

SHFE aluminium price

Today, on October 27, the Shanghai Futures Exchange (SHFE) aluminium price chart displayed a linear growth in aluminium prices, with the official SMM price halting at US$2,589 per tonne, losing US$14 per tonne or 0.54 per cent. 

If the price on September 27 is considered, we can see a vital drop of US$96 per tonne or 3.57 per cent Month-on-Month, from US$2,685 per tonne recorded on that day to what it is today. 

Overnight, the most-traded SHFE 2312 aluminium contract opened at RMB 19000 per tonne, with its low and high at RMB 18885 per tonne and RMB 19000 per tonne before closing at RMB 18900 per tonne, down RMB 100 per tonne or 0.53 per cent. 

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.

Tagged with:

Price SMM LME China

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EDITED BY : MAYURAKSHI GANGULY 2MINS READ

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