LME aluminium benchmark price and SHFE aluminium price uniformly ascends by US$73/t M-o-M

LME aluminium opened at US$2,547.50 per tonne in the previous trading day, with its low and high at US$2541 per tonne and US$2,550.50 per tonne respectively before closing at US$2,549.50 per tonne, up 0.18 per cent.

The London Metal Exchange market showed a deflection in aluminium prices yesterday, with the LME aluminium cash bid price settling at US$2,487 per tonne and the LME aluminium official price stopping at US$2,488 per tonne with respective losses of US$25 per tonne or 0.99 per cent and US$24.50 per tonne or 0.97 per cent. On a Month-on-Month scale the LME aluminium price has soared by US$73 per tonne or 3.02 per cent from US$2,415 per tonne on April 8. 

The 3-month bid price and 3-month offer price subsided by US$28.50 per tonne or 1.11 per cent, to arrive at US$2,529 per tonne and US$2,530 per tonne.

As per the LME data, the December 25 bid price and December 25 offer price dropped US$22 per tonne or 0.82 per cent, to reach US$2,668 per tonne and US$2,673 per tonne. 

LME aluminium opening stock halted at 482,600 tonnes, with a loss of 3,450 tonnes or 1.16 per cent. Live warrants and Cancelled warrants settled at 220,000 tonnes and 262,600 tonnes, the later having suffered a plunge of 3,450 tonnes or 1.3 per cent.

LME aluminium 3-month Asian Reference Price, on the other hand, shed US$29.86 per tonne or 1.16 per cent to close at US$2,536.72 per tonne.

SHFE aluminium price 

On Thursday, May 9, the aluminium benchmark price for the Shanghai Futures Exchange (SHFE) scored US$30 per tonne or 1.3 per cent to anchor at US$2,856 per tonne. On a Month-on-Month scale the SHFE aluminium price has grown by US$73 per tonne or 2.62 per cent from US$2,783 per tonne recorded on April 9. 

Overnight, the most-traded SHFE 2406 aluminium contract opened at RMB 20,405 per tonne, with the highest and lowest prices at RMB 20,590 per tonne and RMB 20,370 per tonne before closing at RMB 20,585 per tonne, up RMB 170 per tonne or 0.83 per cent. 

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.