LME aluminium opened at US$2,222 per tonne last Friday and hit a high of US$2,250.5 per tonne before closing at US$2,250.5 per tonne, an increase of US$28.5 per tonne or 1.29 per cent. One of the main reasons for the price hike can be attributed to Indonesia's potential export ban on bauxite, which was supposed to go into effect on June 10 but is still likely to be enacted or postponed, constraining future supply.

Furthermore, China, the world's largest consumer, has implemented many economic stimulus initiatives, bolstering spot market activity and downstream buyer demand for stock replenishment. The low inventory and electrolytic aluminium facilities maintaining low ingot casting output made the spot aluminium ingot supply unlikely to rise much in the short term and continued to sustain aluminium prices.

On Friday, September 22, both LME aluminium cash bid price and LME aluminium official settlement price expanded by US$33 per tonne or 1.52 per cent to score at US$2,199 per tonne and US$2,199.50 per tonne.

As per the London Metal Exchange (LME) data, 3-month bid price and 3-month offer price hiked by US$28 per tonne or 1.26 per cent to score at US$2,239 per tonne and US$2,240 per tonne.

On the same day, both December 24 bid price and December 24 offer price grew by US$31 per tonne to halt at US$2,378 per tonne and US$2,383 per tonne. LME aluminium opening stock came in at 482300 tonnes. Live warrants and Cancelled warrants closed at 204675 tonnes and 277625 tonnes.

LME aluminium 3-month Asian Reference Price inched down by US$0.6 per tonne to clock at US$2,234.61 per tonne.

SHFE aluminium price

Today, on September 25, the Shanghai Futures Exchange (SHFE) aluminium benchmark price has gained US$28 per tonne to peg at US$2,685 per tonne. Last Friday’s night session, the most-traded SHFE 2311 aluminium contract opened at RMB 19,505 per tonne, with its lowest and highest at RMB 19,420 per tonne and RMB 19,510 per tonne before closing at RMB 19,445 per tonne, down RMB 60 per tonne or 0.31 per cent.