The previous trading day, LME aluminium opened at US$2,249.5 per tonne, hit a high of US$2,253 per tonne and a low of US$2,209.5 per tonne, and closed at US$2,238 per tonne, down US$9 per tonne, or 0.40 per cent.
The downward trend in the LME aluminium price since early July continues unabated. As per the data yesterday (Tuesday, July 30), both the cash bid price and official settlement price plummeted by US$42 per tonne or 1.90 per cent to settle at US$2,161 per tonne and US$2,161.50 per tonne.
As the world’s largest consumer of aluminium, China’s economic slowdown and disappointing demand have significantly impacted aluminium prices. Despite expectations of mild stimulus from Beijing, the anticipated uptick in spring activity has not materialized.
On the same day, 3-month bid price and 3-month offer dwindled by US$38 per tonne or 1.67 per cent and US$38.5 per tonne or 1.70 per cent to clock at US$2,224.50 per tonne and US$2,225 per tonne.
As per the LME data, December 25 bid price and December 25 offer price slumped by US$35 per tonne or 1.44 per cent to arrive at US$2,387 per tonne and US$2,392 per tonne. LME aluminium opening stock came in at 936625 tonnes. Live warrants and Cancelled warrants stood at 360250 tonnes and 576375 tonnes.
LME aluminium 3-month Asian Reference Price declines by US$36.02 per tonne or 1.58 per cent to dock at US$2,239.02 per tonne.
SHFE aluminium price
On Wednesday, July 31, the SHFE aluminium benchmark price gained US$21 per tonne or 0.80 per cent to halt at US$2,632 per tonne. The most-traded SHFE aluminium 2409 contract opened at RMB 18,840 per tonne overnight, reaching a high of RMB 19,040 per tonne and a low of RMB 18,790 per tonne, and closed at RMB 19,010 per tonne, up RMB 60 per tonne, or 0.32 per cent.
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