The previous trading day, the three-month LME aluminum contract opened at US$2,405.50 per tonne, reached a high of US$2,430 per tonne, a low of US$2,380 per tonne, and eventually closed at US$2,385.50 per tonne, down US$20 per tonne.
It is the ninth day and counting, but the LME aluminium benchmark price shows no sign of improvement amid market surplus due to higher production and weaker demand. Over a week, the price experienced a sharp fall of US$93.50 per tonne. On July 18, the LME aluminium cash bid price shrank by US$ 28.50 per tonne, standing at US$2,334 per tonne, and the LME aluminium official settlement price contracted by US$28 per tonne to reach US$2,335 per tonne.
The 3-month bid price and 3-month offer price also continued to decline, settling below the US$2,400 per tonne level. While the former decreased by US$22 per tonne to US$2,396 per tonne, the latter slumped by US$21.50 per tonne to US$2,397 per tonne. On the same day, December-25 bid price and December-25 offer price stood at US$2,555 per tonnes and US$2,560 per tonne, reflecting a fall of US$22 per tonne from the previous day.
LME aluminium opening stock amounted to 963,825 tonnes on July 18 versus 964,350 tonnes on July 17. Live Warrants and Cancelled Warrants clocked at 407,025 tonnes and 556,800 tonnes. The former grew by 775 tonnes, but the latter decreased by 1,300 tonnes.
In contrast to the LME aluminium price drop, LME aluminium 3-month Asian Reference Price increased by US$17.13 per tonne on July 18 to settle at US$2,425.27 per tonne.
SHFE aluminium price
On Friday, July 19, the SHFE aluminium benchmark price dropped for the fourth day in a row by US$5 per tonne to peg at US$2,696 per tonne. On a week-on-week basis, the price is down by US$41 per tonne, and on a month-on-month calculation, it stands at US$126 per tonne lower than US$2,822 per tonne.
The most-traded SHFE 2409 aluminum contract opened at RMB 19,630 per tonne overnight, reaching a high of RMB 19,680 per tonne and a low of RMB 19,555 per tonne, and closed at RMB 19,575 per tonne, down RMB 130 per tonne, a decrease of 0.66 per cent.
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