LME aluminium price gained US$21.50/t to settle at US$2176/t; SHFE price rebounded to $2713/t

The LME aluminium benchmark price edged 1 per cent higher on Tuesday, March 2, to close at US$ 2176 per tonne. On Wednesday, the LME complex performed similarly, with aluminium increased 4.46 per cent.

LME aluminium cash (bid) price and LME official settlement price gained US$ 21.50 per tonne to stand at US$ 2176 per tonne on Tuesday, March 2. 3-months bid price and 3-months offer price settled at US$ 2178.50 per tonne, growing by US$ 13 per tonne from US$ 2165.50 per tonne. Dec 22 bid price and Dec 22 offer price hovered around US$ 2229.50 per tonne compared with US$ 2218 per tonne on March 1.

The LME aluminium opening stock decreased from 1316800 tonnes on Monday to 1307125 on Tuesday, March 2. Live Warrants totalled 1082050 tonnes, while Cancelled Warrants stood at 225075 tonnes.

LME aluminium 3-months Asian Reference Price decreased from US$ 2163.05 per tonne on March 1 to US$ 2122.71per tonne on March 2.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE rebounded to US$ 2713 per tonne on Wednesday, March 3.

The most-liquid SHFE 2104 aluminium contract shed 1.14 per cent to close the day at RMB 16,890 per tonne, with open interest decreasing 6,364 lots to 190,000 lots. The increase in aluminium social inventories narrowed as downstream processors gradually resume operations, in line with expectations.