The previous trading day, LME aluminium opened at US$2,263.50 per tonne, reached a high of US$2,305 per tonne and a low of US$2,238 per tonne, and closed at US$2,301 per tonne, up US$39 per tonne or 1.72 per cent.
The LME aluminium benchmark price registered its first rise of the month on Tuesday, August 6, following two consecutive days of downfall by a total of US$61.50 per tonne. According to the data shown by LME graph, the LME aluminium cash bid price increased by US$36.50 per tonne and LME aluminium official settlement price rose by US$38 per tonne to reach US$2,203 per tonne and US$2,205 per tonne, respectively.
With the present hike, the LME aluminium benchmark price edged a rise of US$43.50 per tonne, as against US$2,161.50 per tonne. However, on a month-on-month basis, the price still showed a bearish trend, reflecting a fall of US$290.50 per tonne from US$2,495.50 per tonne.
The 3-month bid price and 3-month offer price stood at US$2,267 per tonne and US$2,268 per tonne on August 6, up by US$41 per tonne and US$41.50 per tonne from the previous trading day. December-25 bid price and December-25 offer price recovered US$38 per tonne of the previous day’s loss, reaching US$2,423 per tonne and US$2,428 per tonne, respectively.
LME aluminium opening stock shed off 3,575 tonnes on August 6 to amount to 918,050 tonnes. Live Warrants and Cancelled Warrants totalled 358,175 tonnes and 559,875 tonnes. While the former stood restrained, the latter decreased by 3,575 tonnes.
On the same day, the LME aluminium 3-month Asia Reference Price stood at US$2,243.58 per tonne, which dropped by US$6.51 per tonne from US$2,250.09 per tonne.
SHFE aluminium price
On Wednesday, August 7, the SHFE aluminium benchmark price increased on an alternate day by US$4 per tonne to settle at US$2,624 per tonne. On a week-on-week basis, the price is down by US$8 per tonne, while that on a month-on-month basis has descended by US$167 per tonne from US$2,791 per tonne.
Overnight, the most-traded SHFE aluminum 2409 contract opened at RMB 18,910 per tonne, reached a high of RMB 19,030 per tonne and a low of RMB 18,885 per tonne, and closed at RMB 19,020 per tonne, up RMB 225 per tonne or 1.20 per cent.
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