LME aluminium price drops by US$18/t to US$3,288/t; SHFE price continues to ascend by US$68/t

LME aluminium opened at US$3,250 per tonne on Thursday, touching the highest and lowest at US$3,409 per tonne and US$3,250 per tonne respectively, and closed at US$3,383 per tonne, up US$117.5 per tonne or 3.6%.

Following a hike in price on Wednesday, March 16, both LME aluminium cash bid price and LME aluminium official settlement price declined by US$17.5 per tonne or 0.52% and US$18 per tonne or 0.54% to peg at US$3,287.50 per tonne and US$3,288 per tonne on Thursday, March 17. 3-month bid price and 3-month offer price also dropped by US$10 per tonne or 0.30% to peg at US$3,315 per tonne and US$3,317 per tonne. For the same day, December 23 bid price and December 23 offer price also moved down by US$12 per tonne or 0.38% to total at US$3,110 per tonne and US$3,115 per tonne.

 LME aluminium opening stock for the same day registered at 724700 tonnes. Live warrants and Cancelled warrants scored at 474475 tonnes and 250225 tonnes.

LME aluminium 3-month Asian Reference Price slipped by US$47.96 per tonne or 10.43% to record at US$3,297.50 per tonne.

SHFE aluminium price     

The benchmark aluminium price for SHFE on Friday, March 18, has gone up by US$68 per tonne or 1.95% to come in at US$3,540 per tonne.

The most-traded SHFE 2205 aluminium closed up 2.35% or RMB 510 per tonne to RMB 22,210 per tonne, with open interest down 11,307 lots to 182,100 lots.

Overnight, the most-traded SHFE 2205 aluminium contract opened at RMB 22,225 per tonne, with the highest and lowest prices at RMB 22,550 per tonne and RMB 22,225 per tonne before closing at RMB 22,480 per tonne, up RMB 370 per tonne or 1.67%.