LME aluminium price displayed bearish trend last week ranging between $1664.50-1618/t; SHFE price also edged lower

The US dollar started the week lower on July 13, and then fell to its lowest in more than a month against a basket of rivals on Tuesday, July 14. On Wednesday, July 15, the dollar expanded its decline and stood at the lowest level in nearly five weeks. On Thursday, July 16, the currency, however rebounded as investors reacted to a mixed batch of economic data out of China and the US. The US dollar index, which measures the currency against a basket of rivals, gained 0.29 per cent to 96.250, after the four consecutive days of losses.

Three-month LME aluminium jumped to a fresh four-month high of US$1,705 per tonne on Monday, while on Tuesday, eased 0.44 per cent to US$1,682.5 per tonne amidst choppy trading. On Wednesday, it closed at US$1,678.5 per tonne, and then further declined on Thursday for the third straight day, shedding 0.6 per cent to US$1,668.5 per tonne.

LME aluminium cash (bid) price as well as LME official settlement price trended down throughout the week during July 13-17 ranging between US$1664.50 per tonne and US$ 1618 per tonne, with one intermittent hike on Wednesday, July 15. Starting the week on July 13 at US$ 1664.50 per tonne, both LME aluminium cash (bid) price and LME official settlement price declined sharply by US$ 24.5 per tonne to stand at US$ 1640 per tonne on July 14. On July 15, the prices rose to US$ 1651 per tonne but again closed lower by US$ 24 per tonne at US$ 1627 per tonne on July 16. Extending the decline further, the prices on Friday, July 17, stood at 1618 per tonne.

3-months bid price and 3-months offer price lowered from US$ 1695.50 per tonne to US$ 1654.50 per tonne over the week, and so did decline Dec 21 bid price and Dec 21 offer price from US$ 1779 per tonne to US$ 1747.50 per tonne.

The LME aluminium opening stock ranged between 1674900- 1664400 tonnes during July 13-17. Live Warrants declined from 1435350 tonnes at the beginning of the week to 1390350 tonnes at the end, while Cancelled Warrants grew from 239550 tonnes to 274050 tonnes.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE also edged lower throughout the week from US$ 2,172 per tonne to US$ 2,011 per tonne. Starting the week at US$ 2,172 per tonne on July 13, the price declined to US$ 2,127 per tonne on July 14 and then to US$ 2,118 per tonne on July 15. Extending the drop further, SHFE price on July 16 and 17 stood at US$ 2,042 per tonne and US$ 2,011 per tonne, respectively.

source https://www.alcircle.com/news/lme-aluminium-price-displayed-bearish-trend-last-week-ranging-between-1664-50-1618-t-shfe-price-also-edged-lower-57475