LME benchmark price grows US$43/t reaching US$2,312/t mark on Thursday; SHFE price plunges US$25/t

LME aluminium opened at US$2,300.50 per tonne on Thursday, with its low and high at US$2,264.5 per tonne and US$2,309 per tonne respectively before closing at US$2,282 per tonne, a drop of US$18 per tonne or 0.78 per cent.

The LME aluminium price trends have been on a constant decline in the month of May with the highest recorded price on May 2 at US$2,353 per tonne and the lowest aluminium price marked on May 11 at US$2,229 per tonne.

On May 18, Thursday, the LME aluminium cash bid price and the LME aluminium official settlement price closed at US$2,310 per tonne and US$2,312 per tonne, with the former escalating by US$42 per tonne or 1.85 per cent, while the latter increased by US$43 per tonne or 1.89 per cent. 

The 3-month bid price halted at US$2,302 per tonne, with a spike of US$29 per tonne or 1.27 per cent and the 3-month offer price went up the graph by US$30.50 per tonne or 1.34 per cent, anchoring at US$2,304 per tonne.

December 24 bid price and December 24 offer price both have levitated by US$23 per tonne or 0.94 per cent, officially closing at US$2,463 per tonne and US$2,468 per tonne, respectively.

LME aluminium opening stock witnessed a fall of 0.44 per cent, officially closing at 556,550 tonnes, decreasing by 2,450 tonnes from the previous day.

Live warrants totalled 375,275 tonnes, recording a slump of 525 tonnes or 0.14 per cent. Cancelled warrants read 181,275 tonnes, with 1,925 tonnes or a 1.05 per cent being curtailed.

The 3-month Asian Reference Price came in at US$2,290.84 per tonne after gaining US$27.65 per tonne or 1.22 per cent.

SHFE aluminium price

On May 19, today, SHFE aluminium price has decreased by US$25 per tonne or 0.95 per cent, officially closing at US$2,610 per tonne, like it was on May 17.

The most-traded SHFE 2306 aluminium contract opened at RMB 18,475 per tonne overnight, with its low and high at RMB 18,300 per tonne and RMB 18,485 per tonne before closing at RMB 18,405 per tonne, down RMB 70 per tonne or 0.38 per cent.

SHFE 2306 aluminium climbed RMB 205 per tonne or 1.12 per cent to RMB 18,475 per tonne. The open interest fell 17,905 lots to 153,586 lots.