LME aluminium price drops by US$40/t to US$2,321.50/t; SHFE price moves down to US$11/t

LME aluminium opened at US$2,398 per tonne on Monday and closed at US$2,389 per tonne, down US$16 per tonne or 0.67 per cent.

On Monday, March 6, both LME aluminium cash bid price and LME aluminium official settlement price dropped by US$40 per tonne or 1.69 per cent to halt at US$2,321 per tonne and US$2,321.50 per tonne.

3-month bid price and 3-month offer price settled at US$2,367 per tonne and US$2,368 per tonne, after recording a fall of US$36 per tonne or 1.49 per cent.

December 24 bid price and December 24 offer price slipped by US$37 per tonne or 1.42 per cent and 1.41 per cent to peg at US$2,568 per tonne and US$2,573 per tonne.

LME aluminium opening stock came in at 562325 tonnes. Live warrants and Cancelled warrants scored at 456125 tonnes and 106200 tonnes.

LME aluminium 3-month Asian Reference Price fell by US$29.75 per tonne or 1.23 per cent to clock at US$2,388.75 per tonne.

SHFE aluminium price

On Tuesday, March 7, the SHFE aluminium benchmark price slumped by US$11 per tonne or 0.40 per cent to stand at US$2,684 per tonne.

The most-traded SHFE 2304 aluminium closed down 0.35% or 65 yuan/mt at 18,590 yuan/mt, with open interest down 2,722 lots to 193,121 lots.

The most-traded SHFE 2304 aluminium contract opened at RMB 18,540 per tonne overnight before closing at RMB 18,700 per tonne, up RMB 40 per tonne or 0.21 per cent.