On July 31, the LME aluminium three-month contract opened at US$2,234.50 per tonne, reached a high of US$2,324.50 per tonne and a low of US$2,229.50 per tonne, and closed at US$2,315 per tonne, up US$77 per tonne or 3.44 per cent.
After a month-long relentless decline, LME aluminium cash bid price and LME aluminium official settlement price gained US$89 per tonne and US$90.50 per tonne, respectively, on July 31. The prices thus stood at US$2,250 per tonne and US$2,252 per tonne, buoyed by increased market liquidity after China lowered its deposit rates and Canada’s rate cut met expectations. To boost market confidence further, China has made some more systematic arrangements.
On the same day, 3-month bid price and 3-month offer price also increased by US$70.50 per tonne and US$72 per tonne to clock at US$2,295 per tonne and US$2,297 per tonne. December-25 bid price and December-25 offer price climbed up by US$68 per tonne to settle at US$2,455 per tonne and US$2,460 per tonne.
LME aluminium opening stock dipped 3,500 tonnes, totalling 933,125 tonnes. Live Warrants and Cancelled Warrants amounted to 359,250 tonnes and 573,875 tonnes, respectively.
LME aluminium 3-month Asia Reference Price grew by US$20.58 per tonne to rest at US$2,259.60 per tonne.
SHFE aluminium price
On Thursday, August 1, the SHFE aluminium benchmark price escalated for the second day in a row, accumulating US$21 per tonne. Thus, the price has reached US$2,653 per tonne.
The most-traded SHFE 2409 aluminium contract opened at RMB 19,295 per tonne overnight, reaching a high of RMB 19,355 per tonne and a low of RMB 19,205 per tonne and closed at RMB 19,310 per tonne, up RMB 175 per tonne.
Edited By: Debanjali Sengupta
1/8/2024
