LME aluminium price regains US$59/t as tensions ease between Russia and US; SHFE price grows to US$3581/t

LME aluminium opened at US$3,191 per tonne on Wednesday, February 16, and closed at US$3,250 per tonne, an increase of US$56 per tonne or 1.75 per cent.

LME aluminium cash (bid) price and LME aluminium official settlement price moved up by US$59 per tonne or 1.83 per cent to US$3,280 per tonne and US$3,282 per tonne, following a decline last day, as tensions eased between Russia and US over Ukraine and focus shifted to energy crunch causing smelters shutdowns. 3-month bid price and 3-month offer price also grew by US$46 per tonne and US$47 per tonne to stand at US$3,240 per tonne and US$3,242 per tonne, respectively. December 23 bid price and December 23 offer price stood higher at US$2,910 per tonne and US$2,915 per tonne.

LME aluminium opening stock decreased to 857225 tonnes. Live warrants and Cancelled warrants for the same day closed at 587500 tonnes and 269725 tonnes.  

LME aluminium 3-month Asian Reference Price totalled at US$3,209.50 per tonne.

SHFE aluminium price

On Thursday, February 17, the aluminium benchmark price for SHFE has built-up by US$35 per tonne or 0.99 per cent to settle at US$3,581 per tonne.

According to the Shanghai Metals Market, the most-traded SHFE 2203 aluminium closed up 0.2 per cent or RMB 45 per tonne to RMB 22615 per tonne, with open interest down 7291 lots to 170162 lots.

Overnight, the most-traded SHFE 2203 aluminium contract opened at RMB 22,745 per tonne, with the highest and lowest prices at RMB 22,775 per tonne and RMB 22,570 per tonne before closing at RMB 22,760 per tonne, up RMB 145 per tonne or 0.64 per cent.