LME aluminium price dwindles by US$63/t to US$3,472/t; SHFE price dips by US$7/t

LME aluminium opened at US$3,400 per tonne last Friday and closed at US$3,480 per tonne, an increase of US$80 per tonne or 2.35%.

On Friday, March 11, LME aluminium prices dropped after witnessing subsequent increases for the past few weeks owing to the ongoing Russia-Ukraine crisis. Both LME aluminium cash bid price and LME aluminium official settlement price slipped by US$60 per tonne or 1.81% and US$63 per tonne or 1.78%, to close at US$3,470 per tonne and US$3,472 per tonne. 3-month bid price and 3-month offer price also witnessed a drop of US$30.5 per tonne and US$31 per tonne to register at US$3,499.50 per tonne and US$3,500 per tonne. For the same day, December 23 bid price and December 23 offer price slumped by US$33 per tonne to total at 3,265 per tonne and US$3,270 per tonne.

LME aluminium opening stock closed at 755950 tonnes. Live warrants and Cancelled warrants scored at 490300 tonnes and 265650 tonnes.

LME aluminium 3-month Asian Reference Price, on the other hand, recorded a growth of US$89.2 per tonne to score at US$3,500.70 per tonne.

SHFE aluminium price                                                      

On Monday, March 14, the benchmark price for SHFE has fallen by US$7 per tonne or 0.20% to come in at US$3,448 per tonne.

The most-traded SHFE 2204 aluminium closed up 2.56% or RMB 550 per tonne to RMB 22,035 per tonne, with open interest down 6,988 lots to 160,879 lots.

During last Friday’s night session, the most-traded SHFE 2204 aluminium contract opened at RMB 21,880 per tonne, with the highest and lowest prices at RMB 22,160 per tonne and RMB 21,880 per tonne before closing at RMB 21,950 per tonne, up RMB 25 per tonne or 0.11%.