LME aluminium price slipped by $23.50/t to peg at $2028/t; SHFE closed the week at $2510/t

The LME complex closed mixed on Thursday, with aluminium dropped 2.23 per cent. Benchmark aluminium price on the London Metal Exchange declined by US$ 23.50 per tonne on December 3.

LME aluminium cash (bid) price and LME official settlement price slipped from US$ 2051.50 per tonne to US$ 2028 per tonne on December 3, 2020, following four consecutive hikes. 3-months bid price and 3-months offer price stood at US$ 2039.50 per tonne, declining by US$ 22.50 per tonne from US$ 2062 per tonne in the previous day. Dec 21 bid price and Dec 21 offer price came in at US$ 2059 per tonne.

The LME aluminium opening stock decreased from 1364175 tonnes to 1358425 tonnes on December 3. Live Warrants hovered at 1168775 tonnes, while Cancelled Warrants at 189650 tonnes.

LME aluminium 3-months Asian Reference Price stood at US$ 2022.77 per tonne, as of Thursday, December 3.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased for the second day in a row to close the week at US$ 2510 per tonne on Friday, December 4, 2020.

The most-liquid SHFE 2101 aluminium contract slid to a session low of RMB 16,130 per tonne in afternoon trading and finished the day 3.86 per cent higher at RMB 16,170 per tonne. Open interest fell 13,193 lots to 145,883 lots. It is expected that the contract will have a limited downward room due to relatively low inventories.