LME aluminium price slips by US$20/t on rising inventory and lower consumption; SHFE price falls by US$21/t

LME aluminium opened at US$2,214.5 per tonne on Wednesday, with its high and low at US$2,227 per tonne and US$2,206 per tonne, respectively, before closing at US$2,213.5 per tonne, a decrease of US$0.5 per tonne or 0.02 per cent.

On Wednesday, October 11, both LME aluminium cash bid price and LME aluminium official settlement price slipped further by US$20 per tonne or 0.90 per cent on rising inventories to close at US$2,178 per tonne and US$2,179 per tonne. One main factor contributing to the price decline can be related to lower demand and increasing inventories. 

As per the London Metal Exchange (LME) data, both 3-month bid price and 3-month offer price dropped by US$16 per tonne or 0.71 per cent and US$15 per tonne or 0.67 per cent to halt at US$2,213 per tonne and US$2,215 per tonne.

December 24 bid price and December 24 offer price contracted by US$20 per tonne or 0.84 per cent to clock at US$2,335 per tonne and US$2,340 per tonne. LME aluminium opening stock closed at 492650 tonnes. Live warrants and Cancelled warrants reached 193300 tonnes and 299350 tonnes.

LME aluminium 3-month Asian Reference Price went down by US$3.65 per tonne or 0.16 per cent to halt at US$2,221.42 per tonne.

SHFE aluminium price

On Thursday, October 12, the Shanghai Futures Exchange (SHFE) aluminium price declined by US$21 per tonne or 0.78 per cent to stop at US$2,639 per tonne. Overnight, the most-traded SHFE 2311 aluminium contract opened at RMB 19,055 per tonne, with its lowest and highest at RMB 19,050 per tonne and RMB 19,155 per tonne before closing at RMB 19,155 per tonne, down RMB 10 per tonne or 0.05 per cent compared with the previous trading day.