LME aluminium price climbed to US$1455.5/t as US dollar dropped below 100 level mark; SHFE price declined

The US dollar index dropped below the 100 level mark on Tuesday as risk appetite improved on hopes that lockdowns may be slowing the spread of the coronavirus in some countries and as action by central banks eased dollar strain.

Three-month LME aluminium climbed to an intraday high of US$ 1,500 per tonne in late European trading hours, before it pared most of the gains to end the day 0.2 per cent higher at US$ 1,478 per tonne.

As of Tuesday, April 7, both LME aluminium cash (bid) price and LME official settlement price increased sharply from US$ 1424.50 per tonne to US$ 1455.50 per tonne. 3-months bid price and 3-months offer price also recorded a significant rise from US$ 1460.50 per tonne to US$ 1491.50 per tonne, while Dec 21 bid price and Dec 21 offer price came in at US$ 1623.50 per tonne, compared to US$ 1594 per tonne on Monday, April 6.

The LME aluminium opening stock remained almost flat at 1213750 tonnes. Live Warrants totalled at 1075375 tonnes, and Cancelled Warrants 1075375 tonnes.

LME aluminium 3-months Asian Reference Price hovered at US$ 1486.69 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased today, on April 8, to US$1636 per tonne, followed by a sharp rise from US$ 1628 per tonne to US$ 1650 per tonne over the extended weekend.

The most-liquid SHFE June contract rose to its highest in more than a week at RMB 11,725 per tonne in early morning trade, before it eased to close the day 0.78 per cent higher at RMB 11,620 per tonne.