LME aluminium benchmark price surges to US$2529.5/t; SHFE price expands by US$65/t

LME aluminium opened at US$2,550.5 per tonne in the previous trading day, with its low and high at US$2,539 per tonne and US$2,620 per tonne respectively before closing at US$2,600 per tonne, up 1.92 per cent.

As per the LME data, on Wednesday, May 15, both LME aluminium cash bid price and LME aluminium official settlement expanded by US$52 per tonne or 2.09 per cent to clock at US$2,529 per tonne and US$2,529.50 per tonne. 

On the same day, both 3-month bid price and 3-month offer price hiked by US$39 per tonne or 1.53 per cent to peg at US$2,575 per tonne and US$2,577 per tonne. December 25 bid price and December 25 offer price grew by US$40 per tonne or 1.49 per cent to rest at US$2,715 per tonne and US$2,720 per tonne.

LME aluminium opening stock came in at 1033450 tonnes. Live warrants and Cancelled warrants stood at 825250 tonnes and 208200 tonnes. LME aluminium 3-month Asian Reference Price gained US$12.11 per tonne or 0.47 per cent to reside at US$2,564.66 per tonne.

SHFE aluminium price

On Thursday, May 16, the Shanghai Futures Exchange (SHFE) aluminium benchmark price has surged by US$65 per tonne or 2.29 per cent to stand at US$2,895 per tonne. Overnight, the most-traded SHFE 2407 aluminium contract opened at RMB 20,538 per tonne, with the highest and lowest prices at RMB 20,645 per tonne and RMB 20,450 per tonne before closing at RMB 20,580 per tonne, up RMB 95 per tonne or 0.46 per cent.