LME aluminium price moves up US$20.5/t but still stands 1.3% lower M-o-M; SHFE starts the week muted

LME aluminium opened at US$2,224.50 per tonne last Friday, with high and low at US$2,248.50 per tonne and US$2,208 per tonne, respectively, before closing at US$2,236 per tonne, up 0.36 per cent.

LME aluminium cash bid price and LME aluminium official settlement price added US$20.50 per tonne or 0.95 per cent to close the week at US$2,183 per tonne and US$2,183.50 per tonne, respectively.

As per the historical data shown on AL Circle LME chart, the LME aluminium benchmark price was month-on-month down by US$29 per tonne or 1.31 per cent from US$2,212.50 per tonne.

3-month bid price and 3-month offer price increased by US$14.50 per tonne and US$15 per tonne, respectively, to stand at US$2,221 per tonne and US$2,222 per tonne. On the same day, December 25 bid price and December 25 offer price unanimously grew by US$13 per tonne to settle at US$2,433 per tonne and US$2,438 per tonne.

LME aluminium opening stock amounted to 589,075 tonnes, experiencing a slight dip of 575 tonnes from 589,650 tonnes on the previous day. Live Warrants and Cancelled Warrants stood at 356,300 tonnes and 232,775 tonnes, respectively.

LME aluminium 3-month Asian Reference Price increased by 0.67 per cent to reach US$2,216.75 per tonne.

SHFE aluminium price

On Monday, March 4, the SHFE aluminium benchmark price remained restrained at US$2,637 per tonne.

The most-traded SHFE 2404 aluminium contract opened at RMB 18,985 per tonne last Friday night, with its low and high at RMB 18,955 per tonne and RMB 19,055 per tonne before closing at RMB 19,025 per tonne, up RMB 55 per tonne or 0.29 per cent.