LME aluminium price expands by US$105/t after an intermittent drop; SHFE builds up US$39/t to US$3129/t

Three-month LME aluminium price opened at US$2,935 per tonne last Friday and closed at US$2,969.50 per tonne, an increase of US$63 per tonne or 2.17 per cent.

On Friday, May 20, both LME aluminium cash bid price and LME aluminium official settlement price skyrocketed by over US$100 per tonne after an intermittent drop on the previous day. While the former came in at US$2,930 per tonne, seeing a surge of US$104.50 per tonne, the latter closed at US$2,931 per tonne, witnessing a jump of US$105 per tonne.

3-month bid price and 3-month offer price augmented by US$93.50 per tonne and US$95 per tonne, respectively, to settle at US$2,933 per tonne and US$2,935 per tonne. December 23 bid price and December 23 offer price totalled at US$2,845 per tonne and US$2,850 per tonne.

LME aluminium opening stock further slid down to close the week on Friday, May 20, at 504275 tonnes. Live warrants and Cancelled warrants for the same day stopped at 194175 tonnes and 310100 tonnes. That showed the former remained restrained, while the latter plummeted by 7400 tonnes.

LME aluminium 3-month Asian Reference Price built up by US$96.65 per tonne or 3.38 per cent to score at US$2,951.99 per tonne.

SHFE aluminium price

The benchmark aluminium price for SHFE continued to grow for the third day in a row by US$39 per tonne to stand at US$3,129 per tonne as of Monday, May 23.

The most-traded SHFE 2206 aluminium closed up 1.96 per cent or RMB 400 per tonne to come in at RMB 20,820 per tonne, with open interest down 13,752 lots to 122,450 lots.

At last Friday’s night session, the most-traded SHFE 2206 aluminium contract opened at RMB 20,820 per tonne, with low and high at RMB 20,770 per tonne and RMB 21,030 per tonne before closing at RMB 20,855 per tonne, up RMB 120 per tonne or 0.58 per cent.