LME aluminium opened at US$2,239 per tonne on Tuesday, with its high and low at US$2,257.5 per tonne and US$2,227 per tonne respectively before closing at US$2,242 per tonne, an increase of US$5 per tonne or 0.22 per cent.
On January 9, the London Metal Exchange price chart marked a slump in aluminium prices, with the LME aluminium cash bid price stopping at US$2,199 per tonne and the LME aluminium official settlement price closing at US$2,200 per tonne, with a loss of US$6 per tonne or 0.27 per cent and US$5.50 per tonne or 0.25 per cent.
The 3-month bid price and the 3-month offer price have both plunged by US$6 per tonne or 0.27 per cent to anchor at US$2,246 per tonne and US$2,247 per tonne, respectively.
The 25 December bid price and the 25 December offer price have refrained from any change stopping at US$2,508 per tonne and US$2,513 per tonne.
Brief analogy of the LME market
Aluminium prices rose by 0.3% to $2,244 per tonne after touching their lowest levels in almost three weeks on Tuesday. The rise was attributed to a fall in LME-registered warehouses' stock levels, with total aluminium stocks falling to 565,275 tonnes after 4,000 tonnes of outflows. Meanwhile, producer Alcoa said it would stop production in 2024 at its loss-making alumina refinery in Western Australia. Copper and zinc discounts for cash against three-month LME contracts remain wide, indicating plenty of product available for nearby supply and concerns about the global economic growth.
The LME opening stock has negated 3,825 tonnes or 0.67 per cent to a halt at 565,275 tonnes. Live warrants discarded a massive 26,825 tonnes or 6.9 per cent to halt at 361,975 tonnes, whereas cancelled warrants have ascended by 23,000 tonnes or 12.76 per cent to close at 203,300 tonnes.
The 3-month Asian Reference price has dropped US$29 per tonne or 1.28 per cent, officially closing at US$2,239 per tonne.
SHFE aluminium price
Today, on January 10, the SHFE aluminium price has soared by US$6 per tonne or 0.22 per cent to settle at US$2,678 per tonne.
Overnight, the most-traded SHFE 2402 aluminium contract opened at RMB 18,980 per tonne, with high and low at RMB 19,090 per tonne and RMB 18,980 per tonne before closing at RMB 19,040 per tonne, down RMB 70 per tonne or 0.37 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.
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