LME benchmark aluminium price slumps by US$27.5/t; SHFE marks US$39/t upward stroke

LME aluminium opened at US$2,259.5 per tonne last Friday and closed at US$2,308 per tonne, an increase of US$52.5 per tonne or 2.33 per cent.

On January 6, Friday, LME aluminium cash bid price plunged by US$26 per tonne or 1.15 per cent, closing the week at US$2,242 per tonne and the LME aluminium official settlement price dropped by US$27.50 per tonne or 1.21 per cent to rest at US$2,242.50 per tonne.

The 3-month bid price and the 3-month offer price witnessed a decline of US$29 per tonne or 1.26 per cent to close at US$2,274 per tonne and US$2,275 per tonne, respectively.

December 24 bid price and December 24 offer price stood at US$2,460 per tonne and US$2,465 per tonne on Friday, with a loss of US$33 per tonne or 1.32 per cent.

LME aluminium opening stock plummeted by 7,975 tonnes or 1.83 per cent to settle at 428,525 tonnes from 436,500 tonnes recorded the day before.    

Live warrants totalled 200,300 tonnes with 1,050 tonnes or 0.52 per cent fall. Cancelled warrants read 228,225 tonnes, with a loss of 6,925 tonnes or 2.94 per cent.  

Only, the 3-month Asian Reference Price came in at US$2,284.47 per tonne after a gain of US$3.95 per tonne or 0.17 per cent.

SHFE aluminium price 

Today, on January 9, the SHFE benchmark aluminium price has halted at US$2,634 per tonne, with an increase of 1.5 per cent or US$39 per tonne.

The most-traded SHFE 2302 aluminium contract opened at RMB 17,852 per tonne at last Friday’s night session before closing at RMB 17,885 per tonne, up RMB 20 per tonne or 0.11 per cent.

The most-traded SHFE 2302 aluminium closed up 0.28 per cent or RMB 50 per tonne at RMB 17,850 per tonne, with open interest down 748 lots to 171,471 lots.