LME aluminium benchmark price hikes by US$32.5/t; SHFE price expands by US$43/t following the freshly imposed sanctions

LME aluminium opened at US$2,457.5 per tonne last Friday, with its high and low at US$2,512 per tonne and US$2,454 per tonne, respectively, before closing at US$2,478.5 per tonne, up US$22.5 per tonne or 0.92 per cent.

On Friday, April 12, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$33 per tonne or 1.36 per cent and US$32.5 per tonne or 1.34 per cent to settle at US$2,442.50 per tonne and US$2,443 per tonne.

On the same day, both 3-month bid price and 3-month offer price expanded by US$36 per tonne or 1.46 per cent to clock at US$2,495 per tonne and US$2,496 per tonne. December 25 bid price and December 25 offer price ascended by US$25 per tonne or 0.95 per cent to peg at US$2,650 per tonne and US$2,655 per tonne.

LME aluminium opening stock came in at 523100 tonnes. Live warrants and Cancelled warrants settled at 324800 tonnes and 198300 tonnes. LME aluminium 3-month Asian Reference Price surged by US$24.27 per tonne or 0.98 per cent to halt at US$2,489.54 per tonne.

SHFE aluminium price 

The SHFE aluminium price has surged by US$43 per tonne or 1.51 per cent to peg at US$2,876 per tonne. One of the main reasons for the price hike can be attributed to the fresh sanctions by the U.S. and UK targeting Russian metals.

The most-traded SHFE 2406 aluminium contract opened at RMB 20,750 per tonne last Friday night, with its lowest and highest at RMB 20,605 per tonne and RMB 20,975 per tonne before closing at RMB 20,650 per tonne, up RMB 65 per tonne or 0.32 per cent.