LME aluminium price lowered at US$1460.5/t on April 30 while opening stock remained flat

Benchmark aluminium price on London Metal Exchange dropped by US$ 3.5 per tonne from US$ 1464 per tonne to US$ 1460.5 per tonne, as of Thursday, April 30.

Both LME aluminium cash (bid) price and LME official settlement price declined from US$ 1464 per tonne on April 29 to US$ 1460.5 per tonne on April 30. 3-months bid price and 3-months offer price also decreased from US$ 1504 per tonne to US$ 1498 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1624.5 per tonne compared to US$ 1629.50 per tonne on the previous day.

The LME aluminium opening stock stood at 1346200 tonnes. Live Warrants totalled 1186625 tonnes, while Cancelled Warrants 159575 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1507.51per tonne.

SHFE Aluminium Price Trend

Shanghai Futures Exchange is closed for the Labour Day holidays from May 1 to May 5, 2020.

As per the update on Thursday, April 30, the liquidation of more than 2,600 lots of short positions boosted the most-liquid SHFE June contract in the final hour of trading, helping it recoup earlier losses to close the day 0.6% higher at RMB 12,660 per tonne, its highest close since March 17. The contract jumped 9.23 per cent on the month, which was the first increase in four months and the biggest one-month percentage gain since August 2017.

Longs were rolling to the July-to-November contracts, given positive fundamentals. SMM data showed that social inventories of primary aluminium ingots dropped 155,000 mt this week, while spot premiums held firm and backwardation on SHFE aluminium widened as smelters scaled back deliveries and demand remained robust.