LME aluminium hits 2-week low as China’s manufacturing activity slows down in August; SHFE price slumps by US$50/t

As per the LME data, on Monday, August 2, aluminium prices dropped to a two-week low following data revealing a continued slowdown in factory activity in China, the world's largest consumer, during August.

Both LME aluminium cash bid price and LME aluminium official settlement price nosedived by US$73 per tonne or 2.96 per cent to clock at US$2,390 per tonne and US$2,390.50 per tonne.  3-month bid price and 3-month offer price contracted by US$70 per tonne or 2.81 per cent and US$70.5 per tonne or 2.83 per cent to arrive at US$2415 and US$2415.50 per tonne.

December 25 bid price and December 25 offer price declined by US$75 per tonne to dock at US$2,538 per tonne and US$2,543 per tonne.

LME aluminium opening stock came in at 847425 tonnes. Live warrants and Cancelled warrants stood at 345300 tonnes and 502125 tonnes.

LME aluminium 3-month Asian Reference Price slumped by US$61.81 per tonne or 2.48 per cent to arrive at US$2,427.40 per tonne.