LME aluminium price edges US$34.50/t lower this week to US$2,280/t; SHFE grows to US$2709/t

The LME aluminium benchmark price has slumped this the week by US$34.50 per tonne. On Monday, September 5, LME aluminium cash bid price and LME aluminium official settlement price decreased by US$18 per tonne and US$18.50 per tonne to stand at US$2,290 per tonne and US$2,290.50 per tonne, respectively. The next day, the prices lost US$32 per tonne and US$30.50 per tonne, arriving at US$2,258 per tonne and US$2,260 per tonne. On Wednesday, September 7, LME aluminium cash bid price reached US$ 2,230 per tonne, seeing a fall of US$28 per tonne, while LME aluminium office settlement price parked at US$2,230.50 per tonne, rolling down by US$29.50 per tonne. The prices continued to decline further on September 8 to rest at US$2,255.50 per tonne and US$2,256 per tonne, respectively. However, on Friday, both LME aluminium cash bid price and LME aluminium official settlement price grew by US$24 per tonne to close the week at US$2,279.50 per tonne and US$2,280 per tonne.

3-month bid price and 3-month offer price also initiated the week on September 5 with a downfall of US$11 per tonne to US$2,289 per tonne and US$2,290 per tonne. The next day, the prices slumped to US$2,262 per tonne and US$2,263 per tonne, which further descended by 1.10 per cent to US$2,237 per tonne and US$2,238 per tonne, respectively. On Thursday, however, both 3-month bid price and 3-month offer price gained US$30 per tonne to settle at US$2,267 per tonne an US$2,268 per tonne, which increased again on Friday, September 9, to rebound at US$2,289 per tonne and US$2,290 per tonne.

Meanwhile, December 23 bid price and December 23 offer price stood US$25 per tonne higher at the end of the week at US$2,372 per tonne and US$2,377 per tonne.

LME aluminium opening stock has also closed up this week by 58,225 tonnes to 335,275 tonnes on September 9.

SHFE aluminium price 

The SHFE benchmark price for aluminium has recorded an increase of US$59 per tonne for this week, with an intermittent drop. On Monday, the price stood at US$2,650 per tonne, up by US$26 per tonne from the previous day, and rose further by US$11 per tonne to settle at US$2,661 per tonne as of September 6. On Wednesday, the price decreased by US$29 per tonne to US$2,632 per tonne, but rebounded the next day at US$2,650 per tonne. On Friday, September 9, the SHFE aluminium price continued to rise to end the week at US$2,709 per tonne.