LME aluminium price recovers US$7/t from the previous day fall; SHFE price grows back-to-back

On Tuesday, June 17, LME aluminium opened at US$2,508 per tonne, reached a high of US$2,520 per tonne, a low of US$2,470 per tonne, and closed at US$2,495.50 per tonne, down US$12 per tonne, a decrease of 0.48 per cent.

On Tuesday, June 18, LME aluminium cash bid price and LME aluminium official settlement price increased by US$7.50 per tonne and US$7 per tonne, following a steep fall on the earlier day influenced by low consumption of metal in the Chinese market due to off-season.  The LME prices on Tuesday stood at US$2,427 per tonne and US$2,427.50 per tonne.

Conversely, on the same day, 3-month bid price and 3-month offer price unanimously dropped by US$4 per tonne to stand at US$2,481 per tonne and US$2,483 per tonne, respectively.

December-25 bid price and December-25 offer price, on the other hand, also grew amounting to US$2,628 per tonne and US$2,633 per tonne versus US$2,618 per tonne and US$2,623 per tonne on June 17.

LME aluminium opening stock continued to decrease by 5,275 tonnes from 1,073,950 tonnes June 17 to 1,0686,75 tonnes on June 18. Live Warranats and Cancelled Warrants totalled 483,575 tonnes and 585100 tonnes, respectively.

3-month Asian Reference Price hiked on the same day by US$58 per tonne from US$2429.36 per tonne to US$2,487.36 per tonne.

SHFE aluminium price

On Wednesday, June 19, the SHFE aluminium benchmark price gained US$7 per tonne, marking the second consecutive day of rise. As per the data shown, the price has come in at US$2,822 per tonne, significantly down by US$48 per tonne or 1.67 per cent from US$2,870 per tonne

Overnight, the most-traded SHFE aluminum 2408 contract opened at RMB20,330 per tonne, reached a high of RMB 20,485 per tonne, a low of RMB 20,320 per tonne, and closed at RMB 20,455 per tonne, up RMB 70 per tonne, an increase of 0.34 per cent.