LME aluminium market registers mild upswings Mid-February, gains 1.12% W-o-W; SHFE aluminium closed for CNY Holidays

Around mid-February, the LME aluminium price chart seems to be picking up pace, with the LME cash bid price stopping at US$2,204.50 per tonne on the 15th and the LME official settlement price registering a rate of US$2,205 per tonne, both gaining US$11.50 per tonne or 0.52 per cent.

If we compare the previous day’s LME aluminium benchmark price with February 9, we can find a Week-on-Week escalation of US$24.50 per tonne or 1.12 per cent from US$2,180.50 per tonne.

The 3-month bid price and 3-month offer price soared by US$3.5 per tonne or 0.16 per cent and US$3 per tonne or 0.13 per cent to clock at US$2,225.50 per tonne and US$2,226 per tonne. 

Only the December 25 bid price and December 25 offer price dwindled by US$2 per tonne or 0.08 per cent to anchor at US$2,445 per tonne and US$2,450 per tonne.

LME aluminium opening stock arrived at 538,075 tonnes, adding 12,975 tonnes or 2.47 per cent. Live warrants and cancelled warrants stood at 339,475 tonnes and 198,600 tonnes. The LME aluminium 3-month Asian Reference Price scored US$26.36 per tonne or 1.19 per cent to halt at US$2,240.36 per tonne.

SHFE aluminium price market 

The SHFE aluminium market is closed due to the Chinese New Year (CNY) Holidays and will reopen after February 18. The last recorded data was on February 8, when the SHFE price had parked at US$2,636 per tonne, down US$8 per tonne.