LME aluminium opened at US$2,225 per tonne on Thursday, with its high and low at US$2,234.5 per tonne and US$2,187.5 per tonne, respectively, before closing at US$2,201 per tonne, down 0.83 per cent.
{alcircleadd}The London Metal Exchange market displayed overall plunges in aluminium prices on February 22, with the LME aluminium cash bid price locking at US$2,178 per tonne and the LME aluminium official price halting at US$2,178.50 per tonne. Both dropped US$33 per tonne or 1.49 per cent.
If we consider the LME aluminium price on February 16, we can find a Week-on-Week slump of US$24.50 per tonne or 1.11 per cent. On the other hand, when we take the LME aluminium price on January 22 into account, we can witness a Month-on-Month escalation of US$68.50 per tonne or 3.25 per cent. This monthly price hike can be solely attributed to the overburdening of Russian aluminium stocks in LME warehouses and the looming round of fresh US sanctions on Russia.
The LME 3-month bid price lowered by US$30 per tonne or 1.33 per cent to close at US$2,223 per tonne, and the LME 3-month offer price slumped by US$30.5 per tonne or 1.35 per cent to halt at US$2,223.50 per tonne.
On the same day, the December 25 bid price and December 25 offer price discarded US$23 per tonne or 0.93 per cent to stop at US$2,440 per tonne and US$2,445 per tonne.
LME aluminium opening stock came in at 560,675 tonnes. Live warrants and Cancelled warrants stood at 369,875 tonnes and 190,800 tonnes. LME aluminium 3-month Asian Reference Price lost US$22.90 per tonne or 1.02 per cent to halt at US$2,227.86 per tonne.
SHFE aluminium price
On February 23, the SHFE aluminium price soared by US$8 per tonne or 0.31 per cent to arrive at US$2,617 per tonne.
Overnight, the most-traded SHFE 2404 aluminium contract opened at RMB 18,785 per tonne, with high and low at RMB 18,800 per tonne and RMB 18,685 per tonne before closing at RMB 18,740 per tonne, down 0.43 per cent.
SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.
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