The three-month LME aluminium opened at US$2,787.50 per tonne and reached a high of US$2,799 per tonne and a low of US$2,683 per tonne before closing at US$2,705 per tonne, down US$89 per tonne or 3.19 per cent.
On Thursday, May 30, the LME aluminium cash bid price and LME aluminium official settlement price shrank by US$29 per tonne and US$29.50 per tonne, respectively, to stand at US$2,665 per tonne and US$2,665.50 per tonne, following an incessant rally since May 24, from US$2,551 per tonne to US$2,695 per tonne.
Despite the downfall, the LME aluminium benchmark price stood 4.49 per cent higher week-on-week than US$2,551 per tonne and 4.73 per cent month-on-month than US$2,545 per tonne.
The 3-month bid price and 3-month offer price fell overnight by US$30 per tonne and US$30.50 per tonne to reach US$2,710 per tonne and US$2,710.50 per tonne. December-25 bid price and December-25 offer price also witnessed a fall on May 30 to stand at US$2,817 per tonne and US$2,822 per tonne, down by US$25 per tonne or 1 per cent from the previous day.
The LME aluminium opening stock remained restrained at 1,120,050 tonnes , but Live Warrants and Cancelled Warrants demonstrated changes. While the former decreased by 5.2 per cent to 619,575 tonnes, the latter increased by 7.29 per cent to 500,475 tonnes.
The Asian Reference Price dipped slightly by US$3.39 per tonne to close at US$2,758.09 per tonne.
SHFE aluminium price
On Friday, May 31, the SHFE aluminium benchmark price recorded a downfall of US$45 per tonne or 1.5 per cent to settle at US$2,944 per tonne. On a week-on-week basis, the price is, however, 2.22 per cent higher than US$2,880 per tonne
Overnight, the most-traded SHFE 2407 aluminium contract opened at RMB 21,360 per tonne, reaching a high of RMB 21,540 per tonne and a low of RMB 21,280 per tonne, and closed at RMB 21,460 per tonne, down by RMB 280 per tonne.
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