LME aluminium opened at US$2,301 per tonne on Monday and closed at US$2,214 per tonne, down US$46.5 per tonne or 2.03 per cent.
On Monday, October 17, aluminium prices dropped due to large deliveries to warehouses approved by the London Metal Exchange (LME). Both LME aluminium cash bid price and LME aluminium official settlement prices plunged by US$69.5 per tonne or 3.01 per cent and US$69 per tonne or 2.98 per cent to rest at US$2,239 per tonne and US$2,240 per tonne.
Russian aluminium has been shunned by consumers, fuelling worries that it may enter the LME system and affect pricing. Additionally, the premium for cash metal over the three-month contract has shrunk due to increased aluminium stockpiles. According to traders, increased aluminium inventories may be for deliveries against contracts maturing this week.
3-month bid price and 3-month offer price dropped by US$62 per tonne or 2.69 per cent and US$62.5 per tonne or 2.71 per cent to settle at US$2,240 per tonne and US$2,240.50 per tonne.
December 23 bid price and December 23 offer price slumped by US$51 per tonne to score at US$2,317 per tonne and US$2,322 per tonne.
LME aluminium opening stock settled at 433025 tonnes. Live warrants and Cancelled warrants closed at 392950 tonnes and 40075 tonnes.
LME aluminium 3-month Asian Reference Price nosedived by US$100.86 per tonne or 4.24 per cent to register at US$2,275.14 per tonne.
SHFE aluminium price
On Tuesday, October 18, the SHFE aluminium benchmark price dwindled by US$43 per tonne or 1.66 per cent to halt at US$2,545 per tonne.
The most-traded SHFE 2211 aluminium closed down 0.94 per cent or RMB 175 per tonne to RMB 18,435 per tonne, with open interest down 19,203 lots to 141,334 lots.
Overnight, the most-traded SHFE aluminium contract opened at RMB 18,400 per tonne, with its highest and lowest at RMB 18,420 per tonne and RMB 18,230 per tonne before closing at RMB 18,300 per tonne, down RMB 250 per tonne or 1.35 per cent.
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