LME aluminium price sheds off US$67/t during July 8-11; SHFE price closes the week with a US$38/t fall

On Thursday, July 11, the three-month LME aluminium contract opened at US$2,480 per tonne, with a high of US$2,508.50 per tonne, a low of US$2,474 per tonne, and closed at US$2,474.50 per tonne, down US$3.50 per tonne from the previous closing price.

The LME aluminium benchmark price continued declining for the fourth day this week, recording a total fall of US$67 per tonne or 2.68 per cent through the week. On Thursday, July 11, LME aluminium cash bid price decreased by US$3 per tonne to stand at US$2,428 per tonne, while LME aluminium official settlement price slipped by US$3.50 per tonne to reach US$2,428.50 per tonne.

3-month bid price and 3-month offer price parked at US$2,490 per tonne and US$2,490.50 per tonne, registering a slight drop of US$1 per tonne from the previous day. However, December-25 bid price and December-25 offer price remained restrained at US$2,648 per tonne and US$2,653 per tonne.

LME aluminium opening stock shed off tonnes on July 11 to amount to 982,000 tonnes. Live Warrants dipped by 600 tonnes to 445,975 tonnes, whereas Cancelled Warrants plunged by 4,425 tonnes to peg at 536,025 tonnes.

In contrast to the LME aluminium benchmark price, LME aluminium 3-month Asian Reference Price gained US$4.38 per tonne, standing at US$2,487.11 per tonne as of July 11.

SHFE aluminium price

On Friday, July 12, the SHFE aluminium benchmark price contracted for the third day in a row by US$38 per tonne to clock at US$2,737 per tonne. On a week-on-week basis, the price marks a decrease of US$53 per tonne from US$2,790 per tonne.

Overnight, the most-traded SHFE 2408 aluminium contract opened at RMB 20,250 per tonne, with a high of RMB 20,300 per tonne, a low of RMB 20,130 per tonne, and closed at RMB 20,160 per tonne, down RMB 45 per tonne from the previous trading day.