LME aluminium price dipped marginally at $1473/t on a slight rise in opening stock; SHFE extended growth at $1756/t

The US dollar edged lower against the euro on Friday, April 24, ending a four-day winning streak, but broader concerns about the euro's outlook kept dollar bears at bay.

The dollar index, which tracks the greenback against a basket of other currencies, lost 0.28 per cent to 100.22, after hitting its highest level since April 7 at 100.87.

As of Friday, April 24, both LME aluminium cash (bid) price and LME official settlement price dipped marginally to US$ 1473 per tonne from US$ 1473.50 per tonne on Thursday, April 23. 3-months bid price and 3-months offer price also plunged slightly from US$ 1509.50 per tonne to US$ 1508 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1629 per tonne compared to US$ 1632 per tonne on the previous day.

The LME aluminium opening stock rose slightly from 1307725 tonnes on Thursday to 1317925 tonnes, as of Friday, April 24. Live Warrants totalled at 1175175 tonnes and Cancelled Warrants 142750 tonnes.

LME aluminium 3-months Asian Reference Price hovered at US$ 1510.85 per tonne, down from US$ 1521.02 per tonne on Thursday, April 23.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE extended growth to US$ 1756 per tonne, as of Monday, April 27.

The most-traded SHFE June contract climbed, recouping losses from a weak open to end the day 0.2 per cent weaker at RMB 12,285 per tonne. It shed 1.01 per cent on the week, after a jump of 4.77 per cent in the prior week, which was the biggest percentage weekly gain since August 2017 for SHFE aluminium.

Aluminium stocks at SHFE-approved warehouses declined over 27,000 tonnes this week to 458,403 tonnes, as of April 24, showed the data.