LME aluminium price nosedives for the second day by US$105.5/t; SHFE price plunges by US$46/t

LME aluminium opened at US$2,674 per tonne on Monday and closed at US$2,637 per tonne, down US$45.5 per tonne or 1.7 per cent.

On Monday, June 13, both LME aluminium cash bid price and LME aluminium official settlement price dropped majorly by US$105.5 per tonne or 3.91 per cent, due to the sluggish economic development resulting in reduced market demand for the metal. The price for the same closed at US$2589 per tonne and US$2589.50 per tonne.

3-month bid price and 3-month offer price plunged by US$104.5 per tonne or 3.85 per cent and US$104 per tonne or 3.83 per cent to halt at US$2,605 per tonne and US$2,606 per tonne.

December 23 bid price and December 23 offer price declined by US$83 per tonne to come in at US$2,575 per tonne and US$2,580 per tonne.

LME aluminium opening stock settled at 423975 tonnes. Live warrants and Cancelled warrants for the same day stopped at 186475 tonnes and 237500 tonnes.

For the same day, LME aluminium 3-month Asian Reference price nosedived by US$110.95 per tonne or 4.02 per cent to close at US$2,644.22 per tonne.

SHFE aluminium price

On Tuesday, June 14, the benchmark aluminium price for SHFE has slumped by US$46 per tonne or 1.53 per cent to settle at US$2,954 per tonne.

The most-traded SHFE 2207 aluminium closed down 2.82 percent or RMB 580 per tonne to RMB 19,995 per tonne, with open interest up 6,424 lots to 168,761 lots.

The most-traded SHFE 2207 aluminium contract opened at RMB 19,850 per tonne overnight and rose to RMB 20,110 per tonne before closing at RMB 20,060 per tonne, down RMB 155 per tonne or 0.77 percent.