LME aluminium benchmark price strolls higher by US$59.5/t to US$2,417.50/t; SHFE price grows by US$31/t

LME aluminium opened at US$2,375 per tonne on Thursday and closed up 1.31 per cent.

Both LME aluminium cash bid price and LME aluminium official settlement price expanded by US$59.5 per tonne or 2.52 per cent on Thursday, July 7, following two consecutive downfalls from US$2,374 per tonne to US$2,358 per tonne. As of July 7, LME aluminium cash bid price and LME aluminium official settlement price closed at US$2,416.50 per tonne and US$2,417.50 per tonne.

3-month bid price and 3-month offer price also surged by US$54 per tonne or 2.26 per cent and US$55 per tonne or 2.31 per cent to halt at US$2,433 per tonne and US$2,435 per tonne.

December 23 bid price and December 23 offer price also climbed the graph by US$41 per tonne to stand at US$2,463 per tonne and US$2,468 per tonne.

LME aluminium opening stock closed at 353175 tonnes. Live warrants and Cancelled warrants settled at 157150 tonnes and 196025 tonnes.

LME aluminium 3-month Asian Reference Price ascended by US$22.39 per tonne or 0.93 per cent to come in at US$2,408.91 per tonne.

SHFE aluminium price 

As of July 8, the SHFE benchmark aluminium price has grown by US$31 per tonne or 1.13 per cent to record at US$2,758 per tonne.

The most-traded SHFE 2208 aluminium closed up 0.82 per cent or RMB 150 per tonne to RMB 18,360 per tonne, with open interest down 4,740 lots to 177,901 lots.

Overnight, the most-traded SHFE 2208 aluminium contract rallied to around the 5-day moving average due to the exit of shorts, closing at RMB 18,555 per tonne, up RMB 245 per tonne or 1.34 per cent.