LME aluminium price dropped US$10/t to close at US$2529.50/t; SHFE price plunged by US$49/t to US$2914/t

Three-month LME aluminium fell 2.03 per cent to close at US$ 2,506 per tonne on Tuesday. The contract is expected to trade between US$ 2,450-2,560 per tonne today.

LME aluminium cash (bid) price and LME official settlement price dropped by US$ 10 per tonne to close at US$ 2,529.50 per tonne on Tuesday, July 6, following two consecutive days of hike. 3-months bid price and 3-months offer price stood at US$ 2,551 per tonne, down by US$ 7.50 per tonne from US$ 2,558.50 per tonne on July 5. Meanwhile, Dec 22 bid price and Dec 22 offer price inched up by US$ 1.50 per tonne from US$ 2,507.50 per tonne on July 5 to US$ 2,509 per tonne on July 6.

LME aluminium opening stock decreased from 1552250 tonnes to 1538725 tonnes. Live Warrants totalled 933850 tonnes, while Cancelled Warrants stood at 604875 tonnes.

LME aluminium 3-months Asian Reference Price rose from US$ 2,568.86 per tonne to US$ 2,556.91 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE plunged by US$ 49 per tonne to stand at US$ 2,914 per tonne on Wednesday, July 7.

The most traded SHFE 2108 aluminium contract finished the day 0.65 per cent lower at RMB 19,130 per tonne today. Bulls’ open interest dropped 705 lots to 237,000 lots.

The most-liquid SHFE 2108 aluminium contract fell 1.88 per cent to settle at RMB 18,800 per tonne on Tuesday night, and is likely to trade between RMB 18,600-18,900 per tonne today.