LME aluminium benchmark price edges 1.5% higher to US$2742/t; SHFE price declines by US$16/t

LME aluminium opened at US$2,758 per tonne on Monday and closed at US$2,789 per tonne, up US$65 per tonne or 2.39 per cent.

Both LME aluminium cash bid price and LME aluminium official settlement price resumed the market after the Bank Holiday with a sharp rise of US$40 per tonne and US$40.50 per tonne, respectively, to stand at US$2,741 per tonne and US$2,742 per tonne as of Monday, June 6.

3-month bid price and 3-month offer price also recorded a hike of US$44 per tonne to come in at US$2,772 per tonne and US$2,774 per tonne, respectively. December 23 bid price and December 23 offer price totalled US$2,732 per tonne and US$2,737 per tonne, up by US$22 per tonne or 0.81 per cent from the previous day.

LME aluminium opening stock dwindled by 3,375 tonnes to settle at 450,500 tonnes. Live warrants and Cancelled warrants amounted to 189325 tonnes and 261175 tonnes.

LME aluminium 3-month Asian Reference price continued to dip by US$8.88 per tonne to stop at US$2,784.85 per tonne.

SHFE aluminium price

On Tuesday, June 7, the benchmark aluminium price for SHFE has decreased by US$16 per tonne or 0.51 per cent to close at US$3,131 per tonne.

The most-traded SHFE 2207 aluminium closed up 2.62 per cent or RMB 535 per tonne to RMB 20,955 per tonne, with open interest up 6,681 lots to 180,054 lots.

Overnight, the most-traded SHFE 2207 aluminium contract opened at RMB 20,955 per tonne, with its low at RMB 20,810 per tonne before closing at RMB 20,875 per tonne, down RMB 80 per tonne or 0.38 per cent.