LME aluminium price slumps to US$2,127/t; SHFE price dwindles by US$41/t

LME aluminium opened at US$2,197 per tonne last Friday, with its high and low at US$2,206 per tonne and US$2,166 per tonne, respectively, before closing at US$2,178.5 per tonne, a decrease of US$25.5 per tonne or 1.16 per cent from the previous trading day.

On Friday, August 11, the London Metal Exchange (LME) recorded a drop of US$36 per tonne or 1.66 per cent and US$34.5 per tonne or 1.59 per cent to close at US$2,125 per tonne and US$2,127 per tonne.

The 3-month bid price and 3-month offer price also slipped by US$35 per tonne or 1.58 per cent to settle at US$2,177 per tonne and US$2,178 per tonne. December 24 bid price and December 24 offer price slumped by US$31 per tonne to halt at US$2,342 per tonne and US$2,347 per tonne.

LME aluminium opening stock came in at 493825 tonnes. Live warrants and Cancelled warrants stood at 280875 tonnes and 212950 tonnes. LME aluminium 3-month Asian Reference Price also slipped by US$11.28 per tonne to clock at US$2,194.82 per tonne.

SHFE aluminium price

The aluminium benchmark price at the Shanghai Futures Exchange (SHFE) on August 14 has dwindled by US$41 per tonne to peg at US$2,532 per tonne. Last Friday night, the most-traded SHFE 2309 aluminium contract opened at RMB 18,400 per tonne, with the lowest and highest prices at RMB 18,255 per tonne and RMB 18,405 per tonne before closing at RMB 18,345 per tonne, down RMB 150 per tonne or 0.81 per cent from the previous trading day.