On Wednesday, July 3, LME aluminum opened at US$2,516 per tonne, reached a high of US$2,561.50 per tonne, a low of US$2,514.50 per tonne, and closed at US$2,549.50 per tonne, up US$33.50 per tonne from the previous close, an increase of 1.33 per cent.
LME aluminium cash bid price and LME aluminium official settlement price witnessed a drop for the second day in a row. The LME price graph indicates that both the prices slipped by US$2.50 per tonne on the said day to settle at US$2,486.50 per tonne and US$2,487 per tonne, respectively.
However, despite the drop, the price stood week-on-week higher by US$43 per tonne or 1.76 per cent compared to US$2,444 per tonne. But on a month-on-month basis, the price edged a downfall of US$138 per tonne or 5.26 per cent from US$2,625 per tonne.
In contrast, the 3-month bid price and 3-month offer price saw a rise on July 3 by US$6 per tonne and US$5.50 per tonne to settle at US$2,536 per tonne and US$2,536.50 per tonne, following a dip on the previous day. December 25 bid price and December 25 offer price also increased on the same day by US$12 per tonne to close at US$2,680 per tonne and US$2,685 per tonne, respectively.
LME aluminium opening stock totalled 1,009,825 tonnes, down by 5,100 tonnes from the earlier day. Live Warrants and Cancelled Warrants closed at 466,400 tonnes and 543,425 tonnes. While the former remained muted, the latter plunged by 5,100 tonnes.
LME aluminium 3-month Asian Reference Price grew by US$7.80 per tonne to peg at US$2,530.50 per tonne.
SHFE aluminium price
On Thursday, July 4, the SHFE aluminium benchmark price rose by US$8 per tonne overnight to stand at US$2,809 per tonne, marking the third consecutive day of hike. The continued rise in SHFE aluminium price is driven by China’s central bank supportive monetary policy to boost the domestic economy amid sluggish buying sentiment among manufacturers.
The back-to-back increase has prompted a week-on-week hike of 0.93 per cent compared to US$2,783 per tonne on June 27. On a month-on-month basis, the SHFE price is significantly up by US$206 per tonne or 7.91 per cent from US$2,603 per tonne.
Overnight, the most-traded SHFE aluminum contract 2408 opened at RMB 20,530 per tonne, reached a high of RMB 20,550 per tonne, a low of RMB 20,475 per tonne, and closed at RMB 20,475 per tonne, down RMB 15 per tonne, a decrease of 0.07 per cent.
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