LME aluminium price stands steady on a W-o-W basis despite back-to-back declines; SHFE price rebounds above US$2800/t

LME aluminium cash bid price and LME aluminium official settlement price witnessed a drop for the second day in a row. The LME price graph indicates that both the prices slipped by US$2.50 per tonne on the said day to settle at US$2,486.50 per tonne and US$2,487 per tonne, respectively.

However, despite the drop, the price stood week-on-week higher by US$43 per tonne or 1.76 per cent compared to US$2,444 per tonne. But on a month-on-month basis, the price edged a downfall of US$138 per tonne or 5.26 per cent from US$2,625 per tonne.

In contrast, the 3-month bid price and 3-month offer price saw a rise on July 3 by US$6 per tonne and US$5.50 per tonne to settle at US$2,536 per tonne and US$2,536.50 per tonne, following a dip on the previous day. December 25 bid price and December 25 offer price also increased on the same day by US$12 per tonne to close at US$2,680 per tonne and US$2,685 per tonne, respectively.

LME aluminium opening stock totalled 1,009,825 tonnes, down by 5,100 tonnes from the earlier day. Live Warrants and Cancelled Warrants closed at 466,400 tonnes and 543,425 tonnes. While the former remained muted, the latter plunged by 5,100 tonnes.