LME inclining downwards at US$2917/t; SHFE further bends to US$3053/t

LME aluminium opened at US$2,997 per tonne on Thursday and closed at US$2,936 per tonne, down US$49 per tonne or 1.64 per cent.

LME aluminium cash bid price and official settlement price halted at US$2,916.50 per tonne and US$2,917 per tonne, respectively, both experiencing a 0.41 per cent or US$12 per tonne decline, on 5th May. 

The 3-month bid price stooped to US$2,945 per tonne with a loss of 0.56 per cent or US$16.50 per tonne. The 3-month offer price came in at US$2,947 per tonne with a drop of 0.52 per cent or US$15.50 per tonne.

December 23 bid price and December 23 offer price settled at US$2,873 per tonne and US$2,878 per tonne, respectively, both with a 0.07 per cent or US$2 per tonne fall.

LME aluminium opening stock continued to decrease by 0.06 per cent or 375 tonnes from 573,975 tonnes to 573,600 tonnes as of 5th May.

Live warrants totalled 387,775 tonnes, experiencing no change. Cancelled warrants read 185,825 tonnes after 375 tonnes or 0.20 per cent was deducted.

The LME aluminium 3-month Asian Reference Price escalated by 2.56 per cent or US$74.53 per tonne to stop at US$2,988 per tonne.

SHFE aluminium price 

Today, on 6th May, the benchmark aluminium price for SHFE shrank by US$91 per tonne or 2.89 per cent to stand at US$3,053 per tonne if compared with data collected yesterday.

The most-traded SHFE 2206 aluminium contract opened at RMB 20,400 per tonne overnight and closed at RMB 20,310 per tonne, down RMB 400 per tonne or 1.93 per cent.

Currently, the RMB 20,000 per tonne mark has become the key for SHFE aluminium, where longs and shorts confronted fiercely.

The most-traded SHFE 2206 aluminium closed down 1.42 per cent or RMB 295 per tonne to RMB 20,525 per tonne, with open interest up 9,927 lots to 203,508 lots.