LME aluminium price marks upward swing of US$21/t; SHFE aluminium price loses US$16/t

LME aluminium opened at US$2,570 per tonne last Friday, with its low and high at US$2,517 per tonne and US$2,589.50 per tonne, respectively, before closing at US$2,520 per tonne, down 1.6 per cent.

On Friday, May 10, both LME aluminium cash bid price and LME aluminium official settlement price escalated by US$22 per tonne or 0.88 per cent and US$21 per tonne or 0.84 per cent to settle at US$2,514 per tonne and US$2,515 per tonne.

3-month bid price and 3-month offer price surged by US$11.50 per tonne or 0.45 per cent and US$13 per tonne or 0.51 per cent to anchor at US$2,552 per tonne and US$2,554 per tonne.

December 25 bid price and December 25 offer price inched up by US$5 per tonne or 0.18 per cent to arrive at US$2,675 per tonne and US$2,680 per tonne. 

LME aluminium opening stock came in at 903,850 tonnes. Live warrants and Cancelled warrants stood at 780,875 tonnes and 122,975 tonnes.

As per the LME data, the 3-month Asian Reference Price also moved up by US$38.29 per tonne or 1.5 per cent to clock at US$ 2,580.44 per tonne.

SHFE aluminium price 

On May 13, the benchmark aluminium price for the Shanghai Futures Exchange (SHFE) slumped by US$16 per tonne or 0.58 per cent to reach US$2,837 per tonne. 

Last Friday night, the most-traded SHFE 2407 aluminium contract opened at RMB 20,615 per tonne, with the highest and lowest prices at RMB 20,640 per tonne and RMB 20,455 per tonne before closing at RMB 20,490 per tonne, down RMB 185 per tonne or 0.89 per cent. 

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.