On Thursday, LME aluminium opened at US$2,377.5 per tonne, reached a high of US$2,427.5 per tonne, a low of US$2,374.5 per tonne, and closed at US$2,414 per tonne, up US$34.5 per tonne, an increase of 1.45 per cent.
As per the data, both LME aluminium cash bid price and LME aluminium official settlement price have continued to grow for the third consecutive day, fuelled by signs of demand recovery as the market approaches its typical peak season. Consumption is steadily picking up, suggesting a potential turning point in inventory reduction.
The prices arrived at US$2,390 per tonne and US$2,390.50 per tonne on Thursday, September 12, following a growth of US$36.5 per tonne or 1.55 per cent and US$36 per tonne or 1.52 per cent.
3-month bid price and 3-month offer price hiked by US$45.5 per tonne or 1.92 per cent and US$45 per tonne or 1.90 per cent to clock at US$2,409.50 per tonne and US$2,410 per tonne. December 25 bid price and December 25 offer price ascended by US$40 per tonne or 1.61 per cent to settle at US$2,517 per tonne and US$2,522 per tonne.
LME aluminium opening stock came in at 824350 tonnes. Live warrants and Cancelled warrants stood at 350225 tonnes and 474125 tonnes.
LME aluminium 3-month Asian Reference Price surged by US$45.5 per tonne or 1.88 per cent, halting at US$2,403.98 per tonne.
SHFE aluminium price
On Friday, September 13, the SHFE aluminium benchmark price shot up by US$24 per tonne or 0.87 per cent to settle at US$2,777 per tonne. Overnight, the most-traded SHFE aluminium 2410 contract opened at RMB 19,750 per tonne, with the highest at RMB 19,785 per tonne, the lowest at RMB 19,710 per tonne, and closed at RMB 19,745 per tonne, an increase of RMB 20 per tonne, up by 0.10 per cent.
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