LME benchmark aluminium price stoops to US$2342/t with US$13/t loss; SHFE stands at US$2608/t after National Day week

LME aluminium rose from around US$2,140 per tonne to US$2,420 per tonne before falling back to around US$2,300 per tonne during the National Day holiday. LME aluminium closed at US$2,286 per tonne last Friday, up US$145 per tonne or 6.7 per cent during the National Day holiday.

On October 7, Friday, LME aluminium cash bid price dropped by US$13.50 per tonne or 0.57 per cent to close at US$2,341 per tonne, and LME aluminium official settlement price also went down by US$13 per tonne or 0.55 per cent to rest at US$2,342 per tonne.   

International aluminium smelters and the smelters in China have curtailed their production rate but on the domestic side, the demand for downstream products expanded in September with local supply and export increasing on a month-on-month basis.

3-month bid price plunged by 0.63 per cent or US$15 per tonne to stand at US$2,344 per tonne, while the 3-month offer price has witnessed a downward swing of US$14.50 or 0.61 per cent, closing at US$2,345.50 per tonne. 

December 23 bid price and December 23 offer price both withered away by 0.77 per cent or US$19 per tonne, stopping at US$2,433 per tonne and US$2,438 per tonne, respectively.

LME aluminium opening stock continued to decrease by 0.37 per cent or 1,225 tonnes, from 328,850 tonnes to 327,625 tonnes as of October 7.

Live warrants totalled 267,625 tonnes, escalating by 0.75 per cent or 2,000 tonnes. 

Cancelled warrants read 60,000 tonnes, shedding 5.1 per cent or 3,225 tonnes from the day before.

LME aluminium 3-month Asian Reference Price came in at US$2,332.15 per tonne after 2.9 per cent or US$69.86 per tonne got subtracted from it.

SHFE aluminium price 

Today, on October 10, the SHFE benchmark aluminium price marked US$2,608 per tonne after an entire week of closure due to the National Day holidays.