LME aluminium price plunges by US$47.5/t, losing 4.98% W-o-W; SHFE price edges up by US$20/t

The previous trading day, LME aluminium opened at US$2,298 per tonne, hit a high of US$2,303 per tonne and a low of US$2,266 per tonne, and closed at US$2,277.5 per tonne, down US$17.5 per tonne, a decrease of 0.76 per cent.

Aluminium prices have been significantly down since the beginning of July. After witnessing bearish growth for the past two days, on Thursday, both LME aluminium cash bid price and LME aluminium official settlement price dwindled by US$47 per tonne, or 2.07 per cent, and US$47.5 per tonne, or 2.09 per cent, to settle at US$2,218 per tonne and US$2,218.50 per tonne, respectively.

W-o-W, the benchmark price also fell US$116.5 per tonne, or 4.98 per cent, from US$2,335 per tonne.

The 3-month bid price and 3-month offer price also declined by US$37 per tonne, or 1.60 per cent and 1.59 per cent, to US$2,275 per tonne and US$2,276 per tonne, respectively. The December 25 bid price and December 25 offer price slumped by US$35 per tonne, or 1.41 per cent, to US$2,430 per tonne and US$2,435 per tonne.

LME aluminium opening stock came in at 947225 tonnes. Live warrants and Cancelled warrants stood at 399050 tonnes and 548175 tonnes. LME aluminium 3-month Asian Reference Price moved down by US$5.4 per tonne or 0.23 per cent to settle at US$2,290.01 per tonne.

SHFE aluminium price

On Thursday, July 26, the SHFE aluminium benchmark price gained US$25 per tonne to stand at US$2,654 per tonne. Overnight, the most-traded SHFE aluminium 2409 contract opened at RMB 19,130 per tonne, reaching a high of RMB 19,240 per tonne and a low of RMB 19,090 per tonne, and closed at RMB 19,180 per tonne, up RMB 5 per tonne, an increase of 0.02 per cent.