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29 AUGUST 2020 AL CIRCLE

LME aluminium price settled higher this week at $1762/t amidst incessant opening stock decline; SHFE trended up at $2128/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Three-month LME aluminium started the week on Monday, August 24, with a growth of 0.11 per cent to stand at US$ 1770 per tonne. On Tuesday, the price settled 0.51 per cent higher at US$ 1779 per tonne, which however, weakened a bit by 0.17 per cent on Wednesday, August 26, to end at US$ 1776 per tonne. On Thursday, the price rebounded at US$ 1779 per tonne, following wide fluctuations.

LME aluminium price settled higher this week at $1762/t amidst incessant opening stock decline; SHFE also trended up at $2128/t

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LME aluminium cash (bid) price and LME official settlement price remained range-bound this week from Monday to Thursday between US$ 1735.50 per tonne and US$ 1738 per tonne. But on Friday, August 28, both the prices jumped to US$ 1762 per tonne, up by US$ 24 per tonne from the previous day. Starting the week on Monday, August 24 at US$ 1735.50 per tonne, LME aluminium cash (bid) price and LME official settlement price dipped by US$ 2.5 per tonne on Tuesday, August 25, to stand at UD$ 1733 per tonne. On Wednesday, August 26, the price grew to US$ 1737 per tonne and further to US$ 1738 per tonne on Thursday, August 27. Overall, the prices edged higher this week by US$ 26.5 per tonne.

3-months bid price and 3-months offer price also displayed an uptick this week during August 24-28 from US$ 1776 per tonne to US$ 1797 per tonne, with two intermittent drops on Tuesday, August 25, to US$ 1773.5 per tonne and on Thursday, August 27, to US$ 1776.50 per tonne. Dec 21 bid price and Dec 21 offer price rose from US$ 1853.50 per tonne on August 24 to US$ 1875.50 per tonne on August 28.

Global Aluminium Industry - Key Trends to 2030

The LME aluminium opening stock continued to decline throughout the week from 1572950 tonnes on Monday to 1554375 tonnes on Friday.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE also showed a positive trend this week rising from US$ 2115 per tonne to US$ 2128 per tonne. On Tuesday, August 25, the price stood at US$ 2126 per tonne, growing US$ 11 per tonne from US$ 2115 per tonne on Monday. On Wednesday, August 26, the price continued to grow to US$ 2130 per tonne and then to US$ 2135 per tonne on Thursday, August 27. On Friday, however, the price ended lower at US$ 2128 per tonne, down by US$ 7 per tonne from Thursday.

Tagged with:

Price LME Inventory Market

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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