LME aluminium price graph nosedives US$444.50/t Y-o-Y to US$2158.5/t; SHFE sheds 4.29% Y-o-Y

LME aluminium opened at US$2,201.5 per tonne on Tuesday, with high and low at US$2,217.5 per tonne and US$2,195 per tonne, respectively, before closing at US$2,214 per tonne, a drop of US$1.5 per tonne or 0.07 per cent.

On January 16, the London Metal Exchange price chart displayed an ascending aluminium price trend, with the LME aluminium cash bid price officiating at US$2,158 per tonne and the LME aluminium official settlement price closing at US$2,158.50 per tonne, with a slight rise of US$5.50 per tonne or 0.25 per cent.

LME benchmark aluminium price Year-on-Year comparison 

If we consider the aluminium price on January 16, one year back there, we can witness a prominent Year-on-Year plunge of US$444.50 per tonne or 17.08 per cent, which is quite a concern for the London Metal market.

The LME 3-month bid price halted at US$2,205 per tonne, and the LME 3-month offer price parked at US$2,207 per tonne, with a recorded increase of US$1 per tonne or 0.04 per cent and US$2 per tonne or 0.09 per cent, respectively.

The 25 December bid price and 25 December offer price both lost US$2 per tonne or 0.08 per cent to settle at US$2,460 per tonne and US$2,465 per tonne.

The LME opening stock refrained from any change, remaining stagnant at 558,550 tonnes. LME live warrants dropped 3,050 tonnes or 0.85 per cent to clock at 353,500 tonnes, while LME cancelled warrants pegged at 205,050 tonnes, adding 3,050 tonnes or 1.5 per cent.

LME aluminium 3-month Asian reference price has inched down by US$16.10 per tonne or 0.73 per cent to stop at US$2,199.69 per tonne.

SHFE aluminium price analogy 

Today, on January 17, the SHFE aluminium price has stabilised at US$2,635 per tonne, with an expansion of US$4 per tonne or 0.15 per cent. When compared with the SHFE aluminium price recorded one year ago, on January 17, we can find a year-on-year decrease of US$118 per tonne or 4.29 per cent.

Overnight, the most-traded SHFE 2403 aluminium contract opened at RMB 18,830 per tonne, with its lowest and highest at RMB 18,825 per tonne and RMB 18,940 per tonne before closing at RMB 18,915 per tonne, up RMB 90 per tonne or 0.48 per cent.

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.