LME aluminium market price gains US$34/t after constant fluctuations in July; SHFE aluminium price also floats US$36/t up

LME aluminium opened at US$2,225 per tonne on Monday, with its high and low at US$2,289 per tonne and US$2,223.50 per tonne, respectively, before closing at US$2,287 per tonne, an increase of US$60 per tonne or 2.69 per cent.

As per the LME aluminium price analysis, on July 31, the LME aluminium cash bid price and the LME aluminium official settlement price jumped by US$34 per tonne or 1.57 per cent to close at US$2,195 per tonne and US$2,195.50 per tonne.

LME 3-month bid price also spiked by US$38 per tonne, settling down at US$2,240 per tonne, and LME 3-month offer price got boosted by US$39 per tonne or 1.77 per cent to halt at US$2,240 per tonne and US$2,242 per tonne. 

December 24 bid price and December 24 offer price both increased by US$35 per tonne or 1.48 per cent to anchor at US$2,400 per tonne and US$2,405 per tonne.

LME aluminium opening stock stood at 507400 tonnes, with a loss of 1,600 tonnes or 0.31 per cent. Live warrants and Cancelled warrants settled at 282900 tonnes and 224525 tonnes, each with a drop of 0.36 per cent and 0.25 per cent, respectively. 

LME aluminium 3-month Asian Reference Price stood at US$2227.54 tonnes after recording a hike of US$13.54 per tonne or 0.61 per cent. 

SHFE aluminium price

Today, on August 1, the aluminium benchmark price at the Shanghai Futures Exchange (SHFE) has levitated by US$36 per tonne or 1.4 per cent to reach US$2,608 per tonne.

Overnight, the most-traded SHFE 2309 aluminium contract opened at RMB 18,490 per tonne, with its low and high at RMB 18,460 per tonne and RMB 18,620 per tonne before closing at RMB 18,600 per tonne, up RMB 240 per tonne or 1.31 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.