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22 OCTOBER 2022 AL CIRCLE

LME aluminium price trended down this week to $2155.5/t due to large arrivals of stocks; SHFE price closed higher at $2576/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Both LME aluminium cash bid price and LME aluminium official settlement price started the week on Monday, October 17, with a plunge of US$69.50 per tonne and US$69 per tonne, respectively, to rest at US$2,239 per tonne and US$2,240 per tonne due to large deliveries to warehouses approved by the London Metal Exchange (LME). On Tuesday, October 18, the prices further decreased by US$39 per tonne and US$39.50 per tonne to rest at US$2,200 per tonne and US$2,200.50 per tonne. They continued to decline the next day as well to settle at US$2,168 per tonne and US$2,169 per tonne, respectively. On Thursday, October 20, both LME aluminium cash bid price and LME aluminium official settlement price elevated after three consecutive days of decline to close at US$2,213.50 per tonne and US$2,214 per tonne but again shrank the next day by US$58.50 per tonne to end the week at US$2,155 per tonne and US$2,155.50 per tonne.

LME aluminium price trended down this week to $2155.5/t due to large arrivals of stocks; SHFE price closed higher at $2576/t

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3-month bid price and 3-month offer price also recorded a downfall on Monday, October 17, by US$62 per tonne and US$62.50 per tonne to settle at US$2,240 per tonne and US$2,240.50 per tonne. The prices further slumped the next two days to US$2,216 per tonne and US$2,216.50 per tonne on October 18 and US$2,180 per tonne and US$2,181 per tonne on October 19. On Thursday, October 20, both 3-month bid price and 3-month offer price spiked by 2.15 per cent to stand at US$2,227 per tonne and US$2,228 per tonne but slipped 2.36 per cent on Friday to close at US$2,174.50 per tonne and US$2,175.50 per tonne, respectively.

December 23 bid price ranged between US$2,317 per tonne and US$2,255 per tonne this week, and December 23 offer price hovered around 2,322 per tonne and US$2,260 per tonne.

LME aluminium opening stock rose from 433025 tonnes to 570000 tonne through the week.

Future of aluminium in transportation sector

SHFE aluminium price 

SHFE aluminium benchmark price also initiated the week with a drop of US$24 per tonne to US$2,588 per tonne and continued to decline till Wednesday, October 19 to close at US$2,539 per tonne. On Thursday, October 20, SHFE price grew by US$9 per tonne to US$2,548 per tonne and further hiked by US$28 per tonne on Friday, October 21, to settle at US$2,576 per tonne.

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Price LME

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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