LME benchmark aluminium price faces 15.56% Y-o-Y decline on June 1; SHFE aluminium dips US$42/t

LME aluminium opened at US$2,243.5 per tonne on Thursday, with its low and high at US$2,233.5 per tonne and US$2,292.5 per tonne respectively before closing at US$2,270 per tonne, up US$23 per tonne or 1.02 per cent.

On June 1, Thursday, the LME aluminium cash bid price and the LME aluminium official settlement price halted at US$2,280.50 per tonne and US$2,281 per tonne, skipping upward by US$26 per tonne or 1.15 per cent each.

The LME aluminium price chart shows a gradual decline of 15.56 per cent or US$420.50 per tonne on a year-on-year basis from 1 June 2022, when the spot price stood at US$2,701.50 per tonne. This is mainly due to the heightening energy prices and the prevailing economic upheaval in the European trade industry.

The 3-month bid price and the 3-month offer price both increased by US$31.50 per tonne or 1.42 per cent, officially settling at US$2,252.50 per tonne and US$2,253 per tonne, respectively.

December 24 bid price and December 24 offer price escalated by US$22 per tonne or 0.92 per cent to stop at US$2,402 per tonne and US$2,407 per tonne, respectively. 

LME aluminium opening stock witnessed a slump of 0.12 per cent or 700 tonnes, officially closing at 578,825 tonnes from 579,525 tonnes on May 31.

Live warrants read 386,075 tonnes, with a heavy decline of 11,425 tonnes or 2.87 per cent. Cancelled warrants halted at 192,750 tonnes with an augmentation of 10,725 tonnes or 5.89 per cent.

The 3-month Asian Reference Price closed at US$2,254.53 per tonne, with a levitation of US$34.07 per tonne or 1.53 per cent.

SHFE aluminium price

On June 2, today, SHFE aluminium price has soared by US$42 per tonne or 1.63 per cent, officially closing at US$2,623 per tonne. In the case of SHFE aluminium prices too, it can be seen how the path has followed a downward trend with it tumbling by US$435 per tonne or 14.42 per cent Y-o-Y from US$3,016 per tonne on 1 June 2022.

The most-traded SHFE 2307 aluminium contract opened at RMB 18,305 per tonne overnight, with its low and high at RMB 18,240 per tonne and RMB 18,480 per tonne before closing at RMB 18,410 per tonne, up RMB 240 per tonne or 1.32 per cent.

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.