Aluminium ingot price rebounds in LME, stumbles in SHFE

THE LONDON METAL EX CHANGE (LME) aluminium cash price and LME official settlement price recorded an uptick last week, October 12-16 by $9 per tonne amidst declining LME aluminium opening stock from 1422475 tonnes to 1406575 tonnes.

Three-month LME aluminium rose 0.49 per cent on Monday, October 12, to close at $1,856 per tonne. On October 13, it ended 0.16% lower at $1,853 per tonne and slipped further on October 14 to close at $1,847.5 per tonne.

On October 14, both LME aluminium cash price and LME official settlement price slipped by $5 per tonne to stand at $1836 per tonne. The downfall extended on Thursday, October 15, by $12 per tonne and stood at $1824 per tonne.

However, on Friday, October 16, the LME aluminium prices rebounded $41.5 to end at $1865.50 per tonne.

3-months bid price and 3-months offer price also trended high during the week under review by $16.5 per tonne. Starting the week at $1847 per tonne on Monday, October 12, the price grew to $1854 per tonne on October 13.

On October 14 and 15, the prices declined to $1853.50 per tonne and $1839.50 per tonne, which, however, bounced back to $1863.50 per tonne on Friday, October 16.

Dec 21 bid price and Dec 21 offer price also jumped from $1903 per tonne to $1910 per tonne despite an intermittent downfall on October 15 from $1905.50 per tonne to $1896 per tonne.

Benchmark aluminium price for Shanghai Futures Exchange (SHFE) began the week on October 12 at $2,205 per tonne, rising from US$ 2181 per tonne on October 9. On October 13, the price declined to $2194 per tonne but grew the next day, October 14, to $2,210 per tonne. On October 15, the price rose further to $2,218 per tonne, which, however, declined to $2185 per tonne on October 16.