LME aluminium price again exceeds US$3500/t by gaining US$137.5/t; SHFE price falls after four successive rises

LME aluminium opened at US$3,417 per tonne on Monday and closed at US$3,522 per tonne, an increase of US$134 per tonne or 3.96 per cent.

On Monday, March 21, LME aluminium cash bid price and LME aluminium official settlement price opened the week at US$3,517 per tonne and US$3,518 per tonne, up by US$137.50 per tonne or 4.07 per cent from the previous day. 3-month bid price and 3-month offer price both increased by US$125 per tonne to rest at US$3,524 per tonne and US$3,525 per tonne respectively. On the same day, December 23 bid price and December 23 offer price stood at US$3,325 per tonne and US$3,330 per tonne, which also registered a hike of US$133 per tonne from US$3,192 per tonne and US$3,197 per tonne, respectively.

Because of the on-going warlike dilemma, LME aluminium opening stock continued to decrease from 715225 tonnes to 704850 tonnes as per the records of March 21. Live warrants and Cancelled warrants totalled 461950 tonnes and 242900 tonnes.

The LME aluminium 3-month Asian Reference Price increased by 2.98 per cent to stop at US$3,549.05 per tonne.

SHFE aluminium price  

On Tuesday, March 22, the benchmark aluminium price for SHFE has declined by US$27 per tonne or -0.74 per cent to stand at US$3,610 per tonne, marking the fall after four successive days of growth.

The most-traded SHFE 2205 aluminium closed up 2.28 per cent or RMB 515 per tonne to RMB 23,105 per tonne, with open interest up 18,381 lots to 234,847 lots.

Overnight, the most-traded SHFE 2205 aluminium contract opened at RMB 23,105 per tonne, with the highest and lowest prices at RMB 23,210 per tonne and RMB 23,060 per tonne before closing at RMB 23,155 per tonne, up RMB 130 per tonne or 0.56 per cent.