LME aluminium price on decline recording US$3,503/t due to Russian retreat, SHFE rises to US$3,590/t

LME aluminium opened at US$$3,540 per tonne on Thursday, March 31, and closed at US$3,468 per tonne, down US$78.5 per tonne or 2.21 per cent. The pressure created on Russia by all the other European and Australian metal giants is finally reducing the aluminium price in the London metal market. For three successive days the price of aluminium has recorded decline which brings hope to the Industries who deal with any form of this metal. The Russian forces have left Chernobyl to the Ukrainian Authority and the retreat of the soldiers might bring good news after all for the world economy.

LME aluminium cash bid price stood at US$3,502 per tonne and LME aluminium official settlement price halted at US$3,503. The former recorded a fall of 0.11 per cent or US$4 per tonne and the latter decreased by US$5 per tonne or 0.14 per cent.

3-month bid price stood at US$3517.50 facing a downswing of 0.24 per cent or US$8.5 and 3-month offer price came in at US$3,518 per tonne falling by US$9 per tonne or 0.25 per cent.  

On the same day, December 23 bid price scored at US$3,367 per tonne and December 23 offer price at US$3,372, both witnessing a drop of 0.18 per cent or US$6 per tonne.

LME aluminium opening stock continued to decrease from 654,475 tonnes to 646,850 tonnes or by 1.16 per cent as of 31^st March. Live warrants totalled 435,425 tonnes and Cancelled warrants read 211,425 tonnes.

The LME aluminium 3-month Asian Reference Price rose 0.87 per cent or US$30.55 per tonne to stop at US$3,528.50 per tonne.

SHFE aluminium price 

Today, on 1^st April, the benchmark aluminium price for SHFE has grown by US$4 per tonne or 0.11 per cent to stand at US$3,590 per tonne.

Overnight, the most-traded SHFE 2205 aluminium contract opened at RMB 22,740 per tonne, with the highest and lowest prices at RMB 22,820 per tonne and RMB 22,650 per tonne before closing at RMB 22,740 per tonne, down RMB 60 per tonne or 0.26 per cent.

The most-traded SHFE 2205 aluminium closed up 0.22 per cent or RMB 50 per tonne to RMB 22,730 per tonne, with open interest down 16,816 lots to 199,522 lots.