LME aluminium price shrinks by US$60/t amid stock gain; SHFE price declines to US$2549/t

Three-month LME aluminium opened at $2,266 per tonne on Tuesday, with its low and high at US$2,216per tonne and US$2,270 per tonne, respectively, before closing at US$2,220 per tonne, a drop of US$43.50 per tonne or 1.92 per cent.

On Tuesday, May 23, the LME aluminium cash bid price extended its fall by US$59.50 per tonne to close at US$2,201.50 per tonne, while the LME aluminium official settlement price decreased further by US$60 per tonne to US$2,202 per tonne. 

On the same day, the 3-month bid price and 3-month offer price settled at US$2,225 per tonne and US$2,227 per tonne, down by US$35 per tonne from US$2,260 per tonne and US$2,262 per tonne on May 22, respectively. 

December 24 bid price and December 24 offer price slipped US$20 per tonne to peg at US$2.398 per tonne and US$2,403 per tonne, respectively.

LME aluminium opening stock gained 20,875 tonnes at 575875 tonnes on May 23. Live Warrants also grew on Tuesday to stop at 398,200 tonnes but Cancelled Warrants dropped to 177,675 tonnes.

The 3-month Asian Reference Price came in at US$2,247.67 per tonne.

SHFE aluminium price

On Wednesday, May 24, SHFE aluminium price shed US$38 per tonne to settle at US$2,549 per tonne.

The most-traded SHFE 2306 aluminium contract opened at RMB 18,125 per tonne overnight, with its low and high at RMB 18,030 per tonne and RMB 18,160 per tonne before closing at RMB 18,115 per tonne, down RMB 30 per tonne or 0.17 per cent.

SHFE 2307 aluminium dipped RMB 155 per tonne or 0.86 per cent to RMB 17,965 per tonne.. The open interest rose 5,521 lots to 220,234 lots.