LME aluminium price plunged this week to US$1987/t amid opening stock surge to 1431050 tonnes; SHFE stood range-bound

Three-month LME aluminium rose 1.28 per cent to close at US$ 2020 per tonne on Monday, January 25. On Tuesday, January 26, it further climbed to US$ 2023 per tonne, but lost 1.75 per cent to close at US$ 1987.50 per tonne on Wednesday, January 27. On Thursday, three-month LME aluminium dipped 0.3 per cent to settle at US$1981.5 per tonne.

LME aluminium cash (bid) price and LME official settlement price plunged this week during January 25-29 from US$ 2011.50 per tonne to US$ 1987 per tonne. In the two initial days, the prices surged from US$ 1975.50 per tonne to US$ 2011.50 per tonne and then to US$ 2025 per tonne, but started decreasing from Wednesday, January 27, to US$ 2003.50 per tonne. On Thursday, January 28, both LME aluminium cash (bid) price and LME official settlement price extended decline to US$ 1979 per tonne and closed the week on Friday, January 29, even lower at US$ 1987 per tonne.

The LME aluminium opening stock, on the other hand, increased from 1412925 tonnes to 1431050 tonnes this week, except the fact that it decreased on Monday from 1416775 tonnes to 1412925 tonnes and on Thursday from 1428225 tonnes to 1424175 tonnes. On Tuesday, January 26, the stock stood at 1419775 tonnes, up by 6,850 tonnes from the previous day. On Wednesday, the stock increased further to 1428225 tonnes. On Friday, it stood higher at 1431050 tonnes compared to 1424175 tonnes on Thursday.

Live Warrants grew from 1165700 tonnes to 1179500, while Cancelled Warrants 247225 tonnes to 251550 tonnes.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE stood range-bound between US$ 2310 per tonne and US$ 2311 per tonne during January 25-29. On Tuesday, January 26, benchmark aluminium SHFE price stood lower at US$ 2299 per tonne, which inched up by US$ 1 per tonne to US$ 2300 per tonne on Wednesday. On Thursday, January 28, the price declined to US$ 2289 per tonne but grew again to US$ 2311 per tonne.

source https://www.alcircle.com/news/lme-aluminium-price-plunged-this-week-to-us1987-t-amid-opening-stock-surge-to-1431050-tonnes-shfe-stood-range-bound-62389