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20 MAY 2021 AL CIRCLE

LME aluminium price plunged by US$65.50/t after three days of hike; SHFE price fell sharply by 3.31% to US$2950/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Three-month LME aluminium fell 1.48 per cent to close at US$ 2,429.50 per tonne on Wednesday, May 19. It is expected that the contract will trade between US $2,350-2,450 per tonne today. 

LME aluminium price plunged by US$65.50/t after three days of hike

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LME aluminium cash (bid) price and LME official settlement price plunged by US$ 65.50 per tonne after the last three consecutive days of hike to settle at US$ 2,402.50 per tonne on Wednesday, May 19. 3-months bid price and 3-months offer price decreased by US$ 66 per tonne to come in at US$ 2,432.50 per tonne. Dec 22 bid price and Dec 22 offer price stood at US$ 2,427.59 per tonne on Wednesday compared to US$ 2,486 per tonne on Tuesday, May 18.

The LME aluminium opening stock continued to decline from 1765525 tonnes on May 18 to 1759675 tonnes on May 19. Live Warrants totalled 1220825 tonnes, while Cancelled Warrants stood at 538850 tonnes.

LME aluminium 3-months Asian Reference Price declined from US$ 2,503.82 per tonne to US$ 2,449.17 per tonne on May 19.

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SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE fell sharply by US$ 101 per tonne or 3.31 per cent on Thursday, May 20, to stand at US$ 2,950 per tonne.

The most-active SHFE 2106 aluminium contract plunged 2.28 per cent to close the day at RMB 19,290 per tonne, with open interest decreasing 19,309 lots to 131,000 lots.

The most-liquid SHFE 2107 aluminium contract fell 1.61 per cent to settle at RMB 18,970 per tonne on Wednesday night. It is expected that the contract will trade between RMB 18,700-19,100 per tonne today.


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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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