LME official aluminium price loses 7.62% Q-o-Q with price fluctuations in August; SHFE aluminium price sheds US$4/t

LME aluminium opened at US$2,144 per tonne last Friday, with its high and low at US$2,159 per tonne and US$2,135 per tonne, respectively, before closing at US$2,138 per tonne, a decrease of US$4.5 per tonne or 0.21 per cent from the previous trading day.

On August 18, the London Metal Exchange witnessed a dip in aluminium prices, with the LME aluminium cash bid price halting at US$2,095.50 per tonne, dropping US$34.50 per tonne or 1.62 per cent and the LME aluminium official settlement price shedding US$35 per tonne or 1.64 per cent, closing at US$2,096 per tonne.

If we consider the LME aluminium price live chart on May 17, the price was US$2,096 per tonne, which plummeted US$173 per tonne or 7.62 per cent Quarter-on-Quarter to rest at what it was last Friday. LME prices have not shown a definitive state in August, with it mostly falling down with seldom upstream tendency. But on the whole, the volatility of the market is quite visible. 

LME 3-month bid price lost US$34 per tonne or 1.57 per cent, stopping at US$2,137 per tonne, and LME 3-month offer price plunged by US$32.50 per tonne or 1.5 per cent, settling down at US$2,171.50 per tonne. 

December 24 bid price and December 24 offer price both released US$37 per tonne or 1.58 per cent to anchor at US$2,300 per tonne and US$2,305 per tonne.

LME aluminium opening stock stood at 483,550 tonnes, with a decrease of 3,550 tonnes or 0.73 per cent.

Live warrants and Cancelled warrants settled at 199,425 tonnes and 284,125 tonnes. LME aluminium 3-month Asian Reference Price halted at US$2,144.37 per tonne after adding US$2.37 per tonne or 0.11 per cent. 

SHFE aluminium price

Today, on August 21, the aluminium benchmark price at the Shanghai Futures Exchange (SHFE) has taken a downward stroll of US$4 per tonne or 0.16 per cent to close at US$2,524 per tonne. If we notice the SHFE aluminium prices, it can be well seen that the market has been quite volatile in the past few days, with prices losing or gaining an average of US$2 per tonne to US$5 per tonne. 

If we consider the price on May 22, which was US$2,603 per tonne, it can be found that the SHFE aluminium price has seen a slump of US$79 per tonne or 3.03 per cent Quarter-on-Quarter to reach today’s position. 

Last Friday night, the most-traded SHFE 2309 aluminium contract opened at RMB 18,060 per tonne, with the lowest and highest prices at RMB 18,030 per tonne and RMB 18,075 per tonne, before closing at RMB 18,045 per tonne, down RMB 15 per tonne or 0.08 per cent from the previous trading day. 

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.