LME aluminium spot price gains 1.68% after two straight days of fall; SHFE aluminium price takes US$10/t leap

On June 27, Tuesday, the LME aluminium cash bid price and the LME aluminium official settlement price settled at US$2,151 per tonne and US$2,151.50 per tonne, with a similar spike of US$35.50 per tonne or 1.68 per cent.

The 3-month bid price ascended by US$37 per tonne or 1.72 per cent to rest at US$2,191 per tonne, and the 3-month offer price jumped by US$36.50 per tonne or 1.69 per cent, officially stopping at US$2,191.50 per tonne.

December 24 bid price and December 24 offer price both heightened by US$32 per tonne or 1.38 per cent each to anchor at US$2,342 per tonne and US$2,347 per tonne, respectively. 

LME aluminium opening stock slumped by 0.25 per cent or 1,350 tonnes, officially closing at 536,425 tonnes from 537,775 tonnes recorded the previous day.  

Live warrants read 258,875 tonnes, with a major fall of 28,500 tonnes or 9.92 per cent. Cancelled warrants stood at 277,550 tonnes, with 27,150 tonnes or 10.84 per cent augmentation. 

The 3-month Asian Reference Price closed at US$2,175.08 per tonne, dipping by US$3.69 per tonne or 0.17 per cent.

SHFE aluminium price                                                                                                               

Today, on June 28, the SHFE aluminium spot price has halted at RMB 2,528 per tonne, with a subtle increase of US$10 per tonne or 0.40 per cent. 

There is uncertainty on the macro level as negotiations about the debt ceiling and US Fed interest rates continue. Consumption recovery has been weaker than expected, and there has been an accumulation of aluminium ingot inventories. Prices have weakened due to falling prebaked anode and coal prices, and it is uncertain if SHFE aluminium will fall below RMB 18,000 per tonne soon.

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.