LME aluminium price stands 1.35% down W-o-W despite US$27/t of overnight surge; SHFE trends down by US$19/t over a week

On Friday, June 28, LME aluminium cash bid price and LME aluminium official settlement price surged by US$27.50 per tonne and US$27 per tonne, respectively, marking the second consecutive day of rise. The LME graph shows the prices closed the week at US$2,485 per tonne and US$2,485.50 per tonne, which, however, indicated the benchmark price standing 1.35 per cent lower than US$2,452.50 per tonne.

On the same day, 3-month bid price and 3-month offer price increased by US$23.50 per tonne, closing the week at US$2,525 per tonne and US$2,526 per tonne, respectively. December-25 bid price and December-25 offer price stood at US$2,668 per tonne and US$2,673 per tonne, mirroring the same growth of US$15 per tonne as the previous day.

On June 28, LME aluminium opening stock totalled 1,026,925 tonnes, registering a further decline of 5,950 tonnes from the earlier day. Live Warrants stood restrained at 466,500 tonnes, while Cancelled Warrants plunged by 5,950 tonnes to 560,425 tonnes.

LME aluminium 3-month Asian Reference Price grew by 0.52 per cent on Friday to settle at US$2,513.50 per tonne.

SHFE aluminium price

On Monday, July 1, SHFE aluminium benchmark price initiated the week at US$2,783 per tonne, recording a dip of US$2 per tonne. Over the week, the price trended down by US$19 per tonne and over a month by about US$120 per tonne, attributed to sluggish demand for primary metal in China.