LME aluminium price grows for the fourth consecutive day by US$9/t; SHFE mounts to US$3028/t

Three-month LME aluminium opened at US$2,881 per tonne on Wednesday and closed at US$2,825 per tonne, down US$57 per tonne or 1.98 per cent.

On Wednesday, May 18, both LME aluminium cash bid and LME aluminium official settlement price continued to grow for the fourth day in a row but at a slower pace than the previous day. The former increased by US$9.5 per tonne to US$2,844.50 per tonne, while the latter gained US$9 per tonne to US$2,845 per tonne.

3-month bid price and 3-month offer price climbed up by US$17 per tonne or 0.60 per cent on the same day to come in at US$2,873 per tonne and US$2,875 per tonne, respectively.  December 23 bid price and December 23 offer price built up by US$5 per tonne to rest at US$2,813 per tonne and US$2,818 per tonne.

LME aluminium opening stock continued to decrease by 8475 tonnes to stand at 527375 tonnes as of May 18. Live warrants and Cancelled warrants closed at 205900 tonnes and 313000 tonnes, respectively.

LME aluminium3-month Asian Reference Price surged by US$51.26 per tonne or 1.81 per cent to close at US$2886.76 per tonne.

SHFE aluminium price

The benchmark aluminium price for SHFE on May 18 has escalated by US$8 per tonne to settle at US$3,028 per tonne.

The most-traded SHFE 2206 aluminium closed down 0.42 per cent or RMB 85 per tonne to stand at RMB 20,360 per tonne, with open interest down 8,633 lots to 147,161 lots.

The most-traded SHFE 2206 aluminium contract opened at RMB 20,335 per tonne overnight and rose to RMB 20,355 per tonne before closing at RMB 20,295 per tonne, down RMB 110 per tonne or 0.54 per cent.