LME benchmark aluminium price shrinks by US$17/t; SHFE aluminium price trickles down US$16/t

LME aluminium opened at US$2,440 per tonne on Wednesday, with its high and low at US$2,459 per tonne and US$2,385 per tonne, respectively, before closing at US$2,403 per tonne, a drop of US$49.5 per tonne or 2.02 per cent.

On November 16, Wednesday LME aluminium cash bid price and LME aluminium official settlement price both dived down by US$17 per tonne or 0.7 per cent to close at US$2,392 per tonne and US$2,393 per tonne, respectively. 

The 3-month bid price and the 3-month offer price have witnessed a similar downfall of US$25 per tonne or 1.02 per cent to settle at US$2,418 per tonne and US$2,420 per tonne.  

December 23 bid price and December 23 offer price both dipped by US$25 per tonne or 0.99 per cent, stopping at US$2,493 per tonne and US$2,498 per tonne, respectively. 

LME aluminium opening stock plummeted by 5,850 tonnes or 1.08 per cent to settle at 532,975 tonnes from 538,825 tonnes recorded the day before.  

Live warrants totalled 316,800 tonnes, losing 575 tonnes or 0.18 per cent. Cancelled warrants read 216,175 tonnes, with a fall of 5,275 tonnes or 2.38 per cent.  

LME aluminium 3-month Asian Reference Price came in at US$2,444.82 per tonne after shedding US$1.04 per tonne or 0.04 per cent.

SHFE aluminium price 

Today, on November 17, the SHFE benchmark aluminium price has plunged by US$16 per tonne or 0.60 per cent to rest at US$2,646 per tonne.

Overnight, the most-traded SHFE 2212 aluminium contract opened at RMB 18,870 per tonne, with its low and high at RMB 18,715 per tonne and RMB 18,900 per tonne before closing at RMB 18,820 per tonne, down RMB 90 per tonne or 0.48 per cent.

The most-traded SHFE 2212 aluminium closed up 0.35 per cent or RMB 65 per tonne at RMB 18,895 per tonne, with open interest down 2,024 lots to 177,977 lots.