LME aluminium benchmark price settles down by US$7/t; SHFE price moves up to US$2,801/t

LME aluminium opened at US$2,517.5 per tonne in the previous trading day, hit a high of US$2,537 per tonne, a low of US$2,513 per tonne, and closed at US$2,516 per tonne, down US$1.5 per tonne from the previous day, a decrease of 0.06 per cent.

On Tuesday, July 2, both LME aluminium cash bid price and LME aluminium official settlement price dipped by US$7 per tonne or 0.28 per cent to settle at US$2,489 per tonne and US$2,489.50 per tonne. The prices settled flat yesterday owing to signs of ample supply and muted demand.

As per the LME data, both 3-month bid price and 3-month offer price also went down by US$2 per tonne or 0.07 per cent and US$1.5 per tonne or 0.05 per cent to clock at US$2,530 per tonne and US$2,531 per tonne. December 25 bid price and December 25 offer price climbed down by US$2 per tonne or 0.07 per cent to reside at US$2,668 per tonne and US$2,673 per tonne.

LME aluminium opening stock came in at 1014925 tonnes. Live warrants and Cancelled warrants stood at 466400 tonnes and 548525 tonnes. LME aluminium 3-month Asian Reference Price also dropped by US$7.98 per tonne or 0.31 per cent to peg at US$2,522.70 per tonne.

SHFE aluminium price

On Wednesday, July 3, SHFE aluminium benchmark price increased by US$8 per tonne or 0.28 per cent to settle at US$2,801 per tonne. Overnight, the most-traded SHFE aluminium contract 2408 opened at RMB 20,440 per tonne, reached a high of RMB 20,460 per tonne, a low of RMB 20,370 per tonne, and closed at RMB 20,375 per tonne, down RMB 20 per tonne from the previous day, a decrease of 0.1 per cent.