Weekly Recap: LME aluminium price slips by US$47/t through the week to US$2695/t; SHFE plummets by US$76/t

LME aluminium cash bid price and LME aluminium official settlement price resumed the week on Monday, June 6, with a sharp rise of US$40 per tonne and US$40.50 per tonne to come in at US$2,741 per tonne and US$2,742 per tonne, respectively. On Tuesday, June 7, the prices decreased by US$27 per tonne or 0.98 per cent to close at US$2,714 per tonne and US$2,715 per tonne, but rebounded the next day to US$2,765 per tonne and US$2,765.50 per tonne. On Thursday, June 9, LME aluminium cash bid price and LME aluminium official settlement price again decreased to halt at US$2,752 per tonne and US$2,752.50 per tonne, and further slipped on Friday, June 10, to close the week at US$2,694.50 per tonne and US$2,695 per tonne.

3-month bid price and 3-month offer price also started the week with a hike of US$44 per tonne to US$2,772 per tonne and US$2,774 per tonne and plunged the next day by 1 per cent to US$2,744.50 per tonne and US$2,745 per tonne. On Wednesday, June 8, the prices built up by US$52.5 per tonne and US$53 per tonne to record at US$2,797 per tonne and US$2,798 per tonne. On Thursday, June 9, 3-month bid price and 3-month offer price again dropped by US$12 per tonne to settle at US$2,785 per tonne and US$2,786 per tonne, and further slid on Friday to US$2,709.50 and US$2,710 per tonne, respectively.

December 23 bid price and December 23 offer price ranged through the week between US$2,732-2,658 per tonne and US$2,737-2,663 per tonne, respectively.

LME aluminium opening stock decreased from 450,500 tonnes on Monday to 427,350 tonnes on Friday.

SHFE aluminium price

On Monday, June 6, the benchmark aluminium price for SHFE increased from US$3,051 per tonne to US$3,147 per tonne but decreased the next day by US$16 per tonne to US$3,131 per tonne. The price further fell on Wednesday, June 8, to stand at US$3,119 per tonne, followed by a slight rise of US$5 per tonne to US$3,124 per tonne on Thursday, June 9. On Friday, the price again plunged by US$53 per tonne to settle at US$3,071 per tonne.