LME aluminium price continues to downtrend this week by US$50.5/t; SHFE settles lower at US$3434/t

LME aluminium benchmark price continued to trend down this week from US$3,444 per tonne to US$3,395 per tonne. Both LME aluminium cash bid price and LME aluminium official settlement price started the week on Monday, April 4, with a drop of 1.12 per cent to US$3,443.50 per tonne and US$3,444 per tonne. On Tuesday, April 5, both the prices further slipped to US$3.414 per tonne and US$3,415 per tonne but rose intermittently by 0.85 per cent and 0.83 per cent to US$3,443 per tonne and US$3,443.50 per tonne. On Thursday, April 7, LME aluminium cash bid price decreased by US$99 per tonne to US$3,344 per tonne, while LME aluminium official settlement price declined by US$97.50 per tonne to US$3,346 per tonne. However, they closed the week on April 8 higher at US$3,393 per tonne and US$3,395 per tonne but still stood down by US$50.50 per tonne and US$49 per tonne from that on April 4.

3-month bid price and 3-month offer price also slipped through the week, starting at US$3,459 per tonne and US$3,461 per tonne on Monday, April 4. On Tuesday, April 5, the prices decreased by US$19 per tonne and US$20 per tonne, respectively, to stand at US$3,440 per tonne and US$3,441 per tonne. But on Wednesday, April 6, both 3-month bid price and 3-month offer price grew by 0.75 per cent to close at US$3,466 per tonne and US$3,467 per tonne. On Thursday, April 7, the prices shrank again to US$3,372 per tonne and US$3,374 per tonne but ended the week with a rise to US$3,421 per tonne and US$3,423 per tonne.

December 23 bid price and December23 offer price declined from USS$3,325 per tonne and US$3,330 per tonne on April 4 to US$3,295 per tonne and US$3,300 per tonne on April 8.

LME aluminium opening stock slipped from 629,775 tonnes to 615,750 tonnes at the end of this week, April 8.

SHFE aluminium price 

SHFE market was closed on April 4 and April 5 for the Qingming Festival in China (The Tomb-Sweeping Day). On April 6, the benchmark aluminium price for SHFE opened the week with a fall of US$38 per tonne or 1.06 per cent to stand at US$3,552 per tonne, which rose the next day by US$71 per tonne or 2 per cent to US$3,481 per tonne. But on Friday, April 8, the SHFE aluminium price settled at US$3,434 per tonne, dwindling by US$47 per tonne or 1.35 per cent from the previous day.