LME aluminium price marches ahead by US$31.5 per tonne to US$3,532; SHFE price falls by US$101/t

LME aluminium opened at US$3,680 per tonne on Wednesday and hit a high and low of US$3,680 per tonne and US$3,300 per tonne respectively before closing at US$3,301 per tonne, a drop of US$380 per tonne or 10.32%.

Following a plunge in the price of aluminium on Tuesday, LME aluminium benchmark price rose again on Wednesday, March 9, driven by the pertinent danger of the ongoing Russia-Ukraine crisis. Both LME aluminium cash bid price and LME aluminium official settlement price marched ahead by US$30 per tonne or 0.85% and US$31.5 per tonne or 0.89% to settle at US$3,530 per tonne and US$3,532 per tonne. 3-month bid price and 3-month offer price also stepped up by US$19 per tonne or 0.54% to score at US$3,533 per tonne and US$3,535 per tonne. December 23 bid price and December 23 offer price closed with a hike to register at US$3,315 per tonne and US$3,320 per tonne.

LME aluminium opening stock settled at 771175 tonnes. Live warrants and Cancelled warrant for the same day pegged at 490100 tonnes and 281075 tonnes.  

LME aluminium 3-month Asian Reference Price declined further on Wednesday, March 9, by US$307.33 per tonne to score at US$3,539.27 per tonne.

SHFE aluminium price

On Thursday, March 10, the benchmark price for SHFE has gone down for the third day in a row by US$101 per tonne or 2.88% to come in at US$3,396 per tonne.

The most-traded SHFE 2204 aluminium closed down 5.46% or RMB 1,260 per tonne to RMB 21,830 per tonne, with open interest down 13,140 lots to 174,810 lots.

Overnight, the most-traded SHFE 2204 aluminium contract opened at RMB 21,825 per tonne, with the highest and lowest prices at RMB 21,825 per tonne and RMB 21,205 per tonne before closing at RMB 21,300 per tonne, down RMB 640 per tonne or 2.92%.