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11 MARCH 2022 AL CIRCLE

LME aluminium price grows slightly by US$3/t to US$3535/t; SHFE price outperforms LME standing at US$3455/t

EDITED BY : DEBANJALI SENGUPTA 2MINS READ

Three-month LME aluminium opened at US$3,302 per tonne on Thursday, March 10, and hit a high and low of US$3,557.5 per tonne and US$3,302 per tonne, respectively, before closing at US$3,400 per tonne.

LME aluminium price grows slightly by US$3/t to US$3535/t; SHFE price outperforms LME standing at US$3455/t

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A low level of inventory across the globe amid tight demand-supply situation due to geopolitical risks for the ongoing Ukraine-Russia war is continuing to elevate the LME aluminium prices. However, on Thursday, December 10, both LME aluminium cash bid price and LME aluminium official settlement price gained slightly compared to the previous days. While the formed grew by US$4 per tonne to stand at US$3,534 per tonne, the latter climbed by only US$3 per tonne to close at US$3,535 per tonne. On the other hand, 3-month bid price and 3-month offer price dipped by US$3 per tonne and US$4 per tonne, respectively, to come in at US$3,530 per tonne and US$3,531 per tonne. December 23 bid price and December 23 offer price also settled lower at US$3,298 and US$3,303 per tonne on March 10.

LME aluminium opening stock fell to 762775 tonnes. Live warrants showed no change from 490100 tonnes, while Cancelled warrants decreased to 272675 tonnes.

LME aluminium 3-month Asian Reference Price also continued to decline to settle at US$3,411.50 per tonne as of March 10.

Global Aluminium Industry Outlook 2022

SHFE aluminium price

On Friday, March 11, the benchmark price for SHFE has outperformed the LME rising by US$59 per tonne from the previous day to US$3,455 per tonne.

The most-traded SHFE 2204 aluminium closed down 0.93 per cent or RMB 205 per tonne to RMB 21,735 per tonne, with open interest down 6,943 lots to 167,867 lots.

Overnight, the most-traded SHFE 2204 aluminium contract opened at RMB 22,100 per tonne, with the highest and lowest prices at RMB 22,100 per tonne and RMB 21,730 per tonne before closing at RMB 21,760 per tonne, up RMB 275 per tonne or 1.28 per cent.

Tagged with:

Price LME Inventory

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EDITED BY : DEBANJALI SENGUPTA 2MINS READ

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