LME aluminium price slumps by 2.8% after two consecutive hikes; SHFE price falls to US$3072/t

Three-month LME aluminium opened at US$2,957 per tonne on Tuesday and closed at US$2,877 per tonne, down US$78 per tonne or 2.64 per cent.

Both LME aluminium cash bid price and LME aluminium official settlement price decreased on Tuesday, May 24, after two consecutive days of hike. While the former slumped by US$81.50 per tonne or 2.75 per cent to come in at US$2,880.50 per tonne, the latter plummeted by US$82 per tonne or 2.77 per cent to settle at US$2,881 per tonne.

3-month bid price and 3-month offer price also recorded a sharp downfall of US$66 per tonne and US$67 per tonne to close at US$2,907 per tonne and US$2,908 per tonne, respectively. December 23 bid price and December 23 offer price slipped by US$32 per tonne or 1.12 per cent to record at US$2,823 per tonne and US$2,828 per tonne.

LME aluminium opening stock decreased to 487475 tonnes. Live warrants and Cancelled warrants for the same day scored at 194175 tonnes and 293300 tonnes.

LME aluminium 3-month Asian Reference Price descended by US$55.46 per tonne or 1.89 per cent to settle at US$2,985.81 per tonne.

SHFE aluminium price

The benchmark aluminium price for SHFE on Wednesday, May 25, has extended its fall by US$48 per tonne to rest at US$3,072 per tonne.

The most-traded SHFE 2206 aluminium closed down 1.99 per cent or RMB 415 per tonne to RMB 20,465 per tonne, with open interest down 12,849 lots to 100,856 lots.

The most-traded SHFE 2206 aluminium contract opened at RMB 20,305 per tonne overnight and rose to RMB 20,465 per tonne before closing at RMB 20,390 per tonne, down RMB 75 per tonne or 0.37 per cent.