LME aluminium benchmark price hikes by US$25.5/t to US$2,221/t; SHFE market is closed for Chinese New Year

On Thursday, February 8, LME aluminium official settlement price hiked by US$25.50 per tonne to settle at US$2,221 per tonne.

 As per the LME data, both 3-month bid price and 3-month offer price grew by US$9 per tonne or 0.40 per cent and US$8 per tonne or 0.35 per cent to clock at US$2,237 per tonne and US$2,238 per tonne.

December 25 bid price and December 25 offer price ascended by US$5 per tonne or 0.20 per cent to peg at US$2,458 per tonne and uS$2,463 per tonne. LME aluminium opening stock came in at 529350 tonnes. Live warrants and Cancelled warrants stood at 325825 tonnes and 203525 tonnes.

LME aluminium 3-month Asian Reference Price moved up by US$3.15 per tonne or 0.14 per cent to halt at US$2,229.65 per tonne.

SHFE price

The SHFE market is closed on the occasion of the Chinese New Year. However, on Thursday, February 8, the SHFE aluminium benchmark price dropped by US$8 per tonne to peg at US$2,636 per tonne. As of yesterday, the most-traded SHFE 2403 aluminium contract opened at RMB 18,900 per tonne overnight, with its low and high at RMB 18,815 per tonne and RMB 18,910 per tonne before closing at RMB 18,845 per tonne, down 0.26 per cent.