LME aluminium benchmark price gains US$17.5/t; SHFE price inches up by US$1/t

On the previous trading day, LME aluminium opened at US$2,495 per tonne, reached a high of US$2,520 per tonne, a low of US$2,484 per tonne, and closed at US$2,489.5 per tonne, down US$6 per tonne, a decrease of 0.24 per cent.

On Wednesday, June 19, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$17.5 per tonne or 0.72 per cent to clock at US$2,444.50 per tonne and US$2,445 per tonne. This rise was driven by short covering after recent declines caused by disappointing industrial output figures from China.

As per the LME price graph, both 3-month bid price and 3-month offer price gained US$21 per tonne or 0.86 per cent and US$20 per tonne or 0.80 per cent to halt at US$2,502 per tonne and US$2,503 per tonne. On the same day, December 25 bid price and December 25 offer price ascended by US$17 per tonne or 0.64 per cent to peg at US$2,645 per tonne and US$2,650 per tonne. LME aluminium opening stock came in at 1066575 tonnes.

Live warrants and Cancelled warrants stood at 481700 tonnes and 584875 tonnes.  LME aluminium 3-month Asian Reference Price moved up by US$7.87 per tonne or 0.31 per cent to stand at US$2,495.23 per tonne.

SHFE aluminium price

On Thursday, June 20, the SHFE aluminium benchmark price inched up by US$1 per tonne or 0.03 per cent to reside at US$2,823 per tonne from US$2,822 per tonne recorded yesterday. Overnight, the most-traded SHFE 2408 aluminium contract opened at RMB 20,485 per tonne, reached a high of RMB 20,585 per tonne, a low of RMB 20,485 per tonne, and closed at RMB 20,535 per tonne, up RMB 60 per tonne, an increase of 0.29 per cent.