LME benchmark aluminium price marks US$9/t dive to US$2312.50/t; SHFE plunges by US$37/t

LME aluminium opened at US$2,385 per tonne on Tuesday and closed at US$2,347 per tonne, down US$35 per tonne or 1.47 per cent.

On March 7, Tuesday, the LME aluminium cash bid price dropped down by US$9 per tonne or 0.39 per cent to stop at US$2,312 per tonne, and the LME aluminium official settlement price plunged by a similar ratio, at last settling at US$2,312.50 per tonne. Other than the second day of March, when the aluminium price suddenly skipped upwards by US$2.50 per tonne, it has been on a receding course since.

The 3-month bid price and the 3-month offer price have both decreased by US$8 per tonne or 0.34 per cent, officially closing at US$2,359 per tonne and US$2,360 per tonne.

December 24 bid price and December 24 offer price have halted at US$2,568 per tonne and US$2,573 per tonne on Tuesday, with no notable alteration from the previous day.

LME aluminium opening stock witnessed an inventory decline of 4,400 tonnes or 0.78 per cent to settle at 557,925 tonnes from 562,325 tonnes recorded the day before.   

Live warrants totalled 452,800 tonnes, witnessing a drop of 3,325 tonnes or 0.73 per cent. Cancelled warrants read 105,125 tonnes, with 1,075 tonnes or a 1.01 per cent plunge.

The 3-month Asian Reference Price came in at US$2,377.50 per tonne after letting go of US$11.25 per tonne or 0.47 per cent.

SHFE aluminium price

On March 8, today, the SHFE aluminium benchmark price has anchored at US$2,647 per tonne, with a significant loss of US$37 per tonne or 1.38 per cent.

The most-traded SHFE 2304 aluminium contract opened at RMB 18,530 per tonne overnight before closing at RMB 18,475 per tonne, down RMB 195 per tonne or 0.89 per cent.

The most-traded SHFE 2304 aluminium closed down 0.27 per cent or RMB 50 per tonne at RMB 18,610 per tonne, with open interest down 2,993 lots to 190,128 lots.