As per the LME data, aluminium prices on Monday stood at their lowest in almost 4-month amid growing concerns about demand in China, the top consumer. On Monday, July 29, both LME aluminium cash bid price and LME aluminium official settlement price declined by US$25.5 per tonne or 1.14 per cent to settle at US$2,203 per tonne and US$2,203.50 per tonne. As per the price graph, the LME aluminium benchmark price has been witnessed since the beginning of July.
The Chinese government has opted not to implement targeted stimulus measures to counter the significant slowdown in the manufacturing sector, focusing instead on advancing technologies and new energy sources.
On the same day, both 3-month bid price and 3-month offer price slumped by US$25.5 per tonne or 1.11 per cent to clock at US$2,262.50 per tonne and US$2,263.50 per tonne. December 25 bid price and December 25 offer price also contracted by US$25 per tonne or 1.02 per cent to dock at US$2,422 per tonne and US$2,427 per tonne.
LME aluminium opening stock came in at 940125 tonnes. Live warrants and Cancelled warrants stood at 360250 tonnes and 579875 tonnes. LME aluminium 3-month Asian Reference Price moved down by US$4.5 per tonne to reside at US$2,275.04 per tonne.
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