LME aluminium opened at US$2,321 per tonne on Wednesday, with its high and low at US$2,325 per tonne and US$2,266 per tonne respectively before closing at US$2,269.5 per tonne, a drop of US$45.5 per tonne or 1.97 per cent.
The rate of inflation in the US has decreased, and there are indications that interest rates and the debt ceiling are improving, which has boosted the price of aluminium. Despite this, there are still uncertainties in the market, and it will take favourable policies to fully recover domestic demand.
On May 10, Wednesday, the LME aluminium cash bid price halted at US$2,275.50 per tonne, with a fall of US$44.50 per tonne or 1.92 per cent and the LME aluminium official settlement price stopped at US$2,276 per tonne, with a slump of US$45 per tonne or 1.94 per cent.
The 3-month bid price and the 3-month offer price both decreased by US$46 per tonne or 1.98 per cent, resting at US$2,280 per tonne and US$2,281 per tonne, respectively.
December 24 bid price shed US$45 per tonne or 1.78 per cent to settle at US$2,455 per tonne and December 24 offer price halted at US$2,460 per tonne, with a loss of US$45 per tonne or 1.80 per cent.
LME aluminium opening stock witnessed an influx of 8,700 tonnes or 1.55 per cent from the day before, officially closing at 570,150 tonnes.
Live warrants totalled 505,275 tonnes, marking a massive surge of 16,150 tonnes or 3.3 per cent mid-week. Cancelled warrants read 64,875 tonnes, with 7,450 tonnes or a 10.3 per cent plunge.
The 3-month Asian Reference Price came in at US$2,311.50 per tonne after getting a US$5.04 per tonne or 0.22 per cent boost.
SHFE aluminium price
On May 11, today, SHFE aluminium price has travelled down the graph by US$13 per tonne or 0.49 per cent, officially closing at US$2,637 per tonne.
Overnight, the most-traded SHFE 2306 aluminium contract opened at RMB 18,245 per tonne, with the highest and lowest prices at RMB 18,280 per tonne and RMB 18,115 per tonne respectively before closing at RMB 18,160 per tonne, down RMB 130 per tonne or 0.71 per cent.
SHFE 2306 aluminium fell RMB 15 per tonne or 0.08 per cent to RMB 18,295 per tonne. The open interest dipped 7,838 lots to 192,621 lots.
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