LME benchmark aluminium price on a downward trend losses US$3.5/t; SHFE marks US$33/t fall

LME aluminium opened at US$2,535 per tonne on Wednesday and fell to US$2,471 per tonne before closing at US$2,487 per tonne, down 1.87 per cent.

On February 8, Wednesday, the LME aluminium cash bid price and the LME aluminium official settlement price dropped by US$3.50 per tonne or 0.14 per cent to stop at US$2,468.50 per tonne and US$2,469 per tonne. The first week of February has witnessed gradually declining aluminium prices.

The 3-month bid price and the 3-month offer price went down by US$6 per tonne or 0.24 per cent, officially closing at US$2,507 per tonne and US$2,508 per tonne.

December 24 bid price and December 24 offer price have halted at US$2,678 per tonne and US$2,683 per tonne on Wednesday, with a similar price fall of US$7 per tonne or 0.26 per cent.

LME aluminium opening stock witnessed a massive inventory spike of 105,550 tonnes or 27 per cent to settle at 495,750 tonnes from 390,200 tonnes recorded the day before.  

Live warrants totalled 329,300 tonnes, witnessing a huge augmentation of 107,725 tonnes or 48.6 per cent. Cancelled warrants read 166,450 tonnes, with 2,175 tonnes or 1.29 per cent downfall. 

The 3-month Asian Reference Price came in at US$2,529.39 per tonne after shedding US$18.61 per tonne or 0.73 per cent.

SHFE aluminium price

On February 9, today, the SHFE aluminium benchmark price has stopped at US$2,786 per tonne, with a plunge of US$33 per tonne or 1.17 per cent.

The most-traded SHFE 2303 aluminium contract opened at RMB 19,075 per tonne overnight and moved around RMB 19,000 per tonne before closing at RMB 18,915 per tonne.

The most-traded SHFE 2303 aluminium closed up 0.71 per cent or RMB 135 per tonne at RMB 19,180 per tonne, with open interest up 6,767 lots to 193,247 lots.