LME aluminium price soars by US$77.5/t amidst fresh sanctions against Russian metal; SHFE price shrinks by US$61/t

LME aluminum opened at US$2,550 per tonne on April 15, with high and low at US$2,728 per tonne and US$2,535 per tonne, respectively, before closing at US$2,548.50 per tonne, up US$63.50 per tonne or 2.55 per cent.

The LME aluminium benchmark price shot up over the weekend, marking a second consecutive hike, following fresh sanctions by the United States and the United Kingdom targeting Russian metals. On Friday, April 12, Washington and London prohibited metal-trading exchanges from accepting new aluminium. Both LME aluminium cash bid price and LME aluminium official settlement price soared by US$77.50 per tonne to stand at US$2,520 per tonne and US$2,520.50 per tonne, respectively, on Monday, April 15.

This exponential rise over the weekend brought the LME aluminium benchmark price 13.61 per cent or US$302 per tonne higher than US$2,218.50 per tonne a month ago and around 7 per cent higher than a year earlier.

3-month bid price and 3-month offer price surged by US$51 per tonne and US$52 per tonne to come in at US$2,546 per tonne and US$2,548 per tonne. December 25 bid price and December 25 offer price expanded by US$30 per tonne or 1.1 per cent to reach US$2,680 per tonne and US$2,685 per tonne.

LME aluminium opening stock shed off 1,500 tonnes to settle at 521,600 tonnes on April 15. Live Warrants and Cancelled Warrants stood at 324,500 tonnes and 197,100 tonnes, respectively.

LME aluminium 3-month Asian Reference Price gained 5.07 per cent to close the day at US$2,615.76 per tonne.

SHFE aluminium price

On Tuesday, April 16, the SHFE aluminium benchmark price has shrunk by US$61 per tonne or 2.12 per cent to stand at US$2,815 per tonne, following a rise of 1.52 per cent to US$2,876 per tonne on the previous day.

Overnight, the most-traded SHFE 2406 aluminum contract opened at RMB 20,585 per tonne, with high and low at RMB 20,720 per tonne and RMB 20,330 per tonne before closing at RMB 20,475 per tonne, down RMB 385 per tonne or 1.85 per cent.