LME aluminium closed for Summer Bank Holiday; SHFE aluminium surged 3.92%

The LME market was closed on Monday, August 30, for a summer bank holiday and will resume trading on Tuesday, August 31.

As of Friday, August 27, LME aluminium cash (bid) price and LME official settlement price surged by 38.50 per tonne or 1.46 per cent to close at US$ 2,673.50 per tonne. 3-months bid price and 3-months offer jumped US$ 41 per tonne from US$ 2,614.50 per tonne to US$ 2,655.50 per tonne. Dec 22 bid price and Dec 22 offer price hovered around US$ 2,617.50 per tonne, up by US$ 37.50 per tonne from US$ 2,580 per tonne on August 26.

LME aluminium opening stock continued to increase from 1306950 tonnes to 1338125 tonnes. Live Warrants stood at 897775 tonnes, while Cancelled Warrants totalled 440350 tonnes.

LME aluminium 3-months Asian Reference Price settled at US$ 2,653.04per tonne as of August 27.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE increased to stand at US$ 3291 per tonne on Tuesday, 31 August, 2021.

Shanghai nonferrous metals market closed with large gains and aluminium surged 3.92%. The most-traded SHFE 2110 aluminium closed up 3.92% to RMB21495 per tonne with open interest up 9141 lots to 355000 lots on Monday.  The significant output cut in Guangxiis likely to push aluminium prices to new highs.