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12 FEBRUARY 2022 AL CIRCLE

LME aluminium benchmark price hits 14-year high this week; SHFE price closes above US$3600/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

The LME aluminium benchmark price continued to trend up throughout the week from Monday, February 7, to Thursday, February 10, to reach a 14-year high. It started the week at US$3,148 per tonne, seeing a rise of US$61 per tonne or 1.98 per cent from the previous day. On Tuesday, February 8, the LME aluminium price surged by US$97 per tonne or 3.08 per cent to settle at US$3,245 per tonne. On February 9, the LME aluminium price inched up by only US$3 per tonne to stand at US$3,248 per tonne but jumped the next day by US$65 per tonne to US$3,313 per tonne. However, on Friday, February 11, the LME aluminium price slipped by US$113 per tonne to close the week at US$3,200 per tonne.

LME aluminium benchmark price hits 14-year high this week; SHFE price closes above US$3600/t

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3-month bid price and 3-month offer price increased on Monday by above US$45 per tonne to peg at US$3,110.50 per tonne and US$3,111 per tonne. The prices further rose on Tuesday, February 8, to US$3,194.50 and US$3,195.50. They continued to grow on Wednesday, February 9, to US$3,246 per tonne and US$3,248 per tonne, and inched up on Thursday to US$3,286 per tonne and US$3,287 per tonne. However, on Friday, February 11, 3-month bid price and 3-month offer price closed lower at US$3,179 per tonne and US$3,180 per tonne, respectively.

LME aluminium opening stock decreased on the first three days of the week from 768250 tonnes to 761950 tonnes, but grew the next two days to 875250 tonnes.

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SHFE aluminium price

The benchmark aluminium price for SHFE exceeded US$3,500 per tonne level this week. On Monday, February 7, the price stood at US$3,488 per tonne, which jumped the next day to US$3,513 per tonne. It continued to rise on Wednesday, February 9, to stand at US$3,595 per tonne, and further rose on February 10 to settle at US$3,664 per tonne. However, on Friday, February 11, the SHFE benchmark price closed lower at US$3,609 per tonne.

Tagged with:

Price LME

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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