LME benchmark aluminium price subsides by US$24/t; SHFE faces US$10/t surge

LME aluminium opened at US$2,505 per tonne on Tuesday, with its high at US$2,529.5 per tonne before closing at US$2,500 per tonne, a drop of US$7 per tonne or 0.28 per cent.

On December 6, Tuesday LME aluminium cash bid price and the LME aluminium official settlement price plunged by US$24 per tonne or 0.96 per cent, closing at US$2,460.50 per tonne and US$2,461 per tonne, respectively.

The 3-month bid price saw a curtailing of US$25 per tonne or 0.99 per cent, settling at US$2,490 per tonne, while the 3-month offer price had a price shed of US$26.50 per tonne or 1.05 per cent, resting at US$2,490.50 per tonne.

December 23 bid price and December 23 offer price both dropped US$24 per tonne or 0.93 per cent, stopping at US$2,553 per tonne and US$2,558 per tonne.

LME aluminium opening stock had to lose 3,800 tonnes or 0.77 per cent to settle at 491,750 tonnes from 495,550 tonnes recorded on the previous day.   

Live warrants totalled 225,475 tonnes, ducking by 875 tonnes or .39 per cent. Cancelled warrants read 266,275 tonnes, going down by 2,925 tonnes or 1.09 per cent.  

LME aluminium 3-month Asian Reference Price came in at US$2,495.45 per tonne after a decline of US$68.12 per tonne or 2.66 per cent.

SHFE aluminium price 

Today, on December 7, the SHFE benchmark aluminium price has moved up the graph by US$10 per tonne or 0.36 per cent, closing at US$2,774 per tonne.

The most-traded SHFE 2301 aluminium contract opened at RMB 19,220 per tonne overnight and moved above the daily average before closing at RMB 19,360 per tonne, up RMB 150 per tonne or 0.78 per cent.

The most-traded SHFE 2301 aluminium closed down 0.44 per cent or RMB 85 per tonne at RMB 19,185 per tonne, with open interest down 14,524 lots to 212,997 lots.