LME aluminium benchmark price remained range-bound this week between US$2344-2346/t; SHFE reflected the same

LME aluminium cash bid price and LME aluminium official settlement price started the week on Monday, November 21, with a decline of US$26 per tonne and US$25 per tonne, respectively, to stand at US$2,342 per tonne and US$2,344 per tonne. But the next day, the prices jumped by US$51.50 per tonne and US$50 per tonne to settle at US$2,393.50 per tonne and US$2,394 per tonne. On Wednesday, November 23, both LME aluminium cash bid price and LME aluminium official settlement price declined again by US$30.50 per tonne and US$30 per tonne to hover around US$2,363 per tonne and US$2,364 per tonne.  On November 24, the prices continued to fall by 1 per cent each to rest at US$2343.50 per tonne and US$2,344 per tonne but inched up the next day to close the week at US$2,345.50 per tonne and US$2,346 per tonne, respectively.

3-month bid price and 3-month offer price also initiated the week with a decline by US$33.5 per tonne and US$32 per tonne to US$2,366 per tonne and US$2,368 per tonne, followed by a hike the next day by US$51 per tonne to US$2,417 per tonne and US$2,419 per tonne. On Wednesday, November 23, the prices witnessed a slump of US$28 per tonne to halt at US$2,389 per tonne and US$2,391 per tonne, which further fell the next day to US$2,373 per tonne and US$2,375 per tonne. However, on Friday, November 25, both 3-month bid price and 3-month offer price grew by US$7 per tonne and US$6 per tonne to stop at US$2,380 per tonne and US$2,381 per tonne.

December 23 bid price ranged between US$2,435-2,450 per tonne, and December 23 offer price hovered around US$2,440-2,455 per tonne.

LME aluminium opening stock shrank from 522000 tonnes on Monday, November 21, to 506275 tonnes on Friday, November 25.

SHFE aluminium price 

On Monday, November 21, the SHFE aluminium benchmark price slumped by US$35 per tonne to stand at US$2,645 per tonne. On November 22, the price gained US$7 per tonne to come in at US$2,652 per tonne but suffered a loss by the same amount on November 23 to return to US$2,645 per tonne. On Thursday, November 24, the price again elevated by US$23 per tonne to close at US$2,668 per tonne, and trended down by US$27 per tonne to close the week on Friday at US$2,641 per tonne.