LME aluminium price sheds off US$17/t but still stands 1% W-o-W high; SHFE price grows by US$16/t

LME aluminum opened at US$2,310 per tonne in the previous trading day, with high and low at US$2,312.50 per tonne and US$2,281 per tonne, respectively, before closing at $2,309 per tonne, unchanged from the previous trading day.

On Friday, March 22, LME aluminium cash bid price and LME aluminium official settlement price shed off US$17 per tonne and US$17.50 per tonne, respectively, following a jump to an eleven-week high due to rising buying interest in China. With the latest decline, the prices derived at US$2,246 per tonne and US$2,246.50 per tonne. Even after the fall, the LME aluminium benchmark price stood week-on-week high by 1 per cent from US$2,224.50.

On the same day, 3-month bid price and 3-month offer price decreased by US$17 per tonne to close the week at US$2,294.50 per tonne and US$2,295 per tonne. December 25 bid price and December 25 offer price settled at US$2,500 per tonne and US$2,505 per tonne, down by US$18 per tonne from the previous day.

LME aluminium opening stock amounted to 560,700 tonnes, reflecting a downfall of 3,350 tonnes from 564,050 tonnes on March 21. Live Warrants and Cancelled Warrants stood at 341,450 tonnes and 219,250 tonnes, respectively.

LME aluminium 3-month Asian Reference Price dropped US$13.50 per tonne to peg at 2,284.42 per tonne.

SHFE aluminium price

On Monday, March 25, the SHFE aluminium benchmark price grew by US$16 per tonne to start the week at US$2,699 per tonne.

At last Friday’s night session, the most-traded SHFE 2405 aluminum contract opened at RMB 19,445 per tonne, with its lowest and highest at RMB 19,400 per tonne and RMB 19,595 per tonne before closing at RMB 19,510 per tonne, up RMB 110 per tonne or 0.57 per cent.