LME aluminium price settled lower for the second consecutive day at US$2141/t; SHFE declined to US$2624/t

Three-month LME aluminium fell 0.3 per cent to close at US$ 2,166 per tonne on Tuesday, March 9, with open interest rising to 705,000 lots. It is expected to trade between US$ 2,100-2,200 per tonne on March 10.

LME aluminium cash (bid) price and LME official settlement price further decreased for the second consecutive day by US$ 11.50 per tonne or 0.53 per cent on Tuesday, March 9, to stand at US$ 2141 per tonne. 3-months bid price and 3-months offer price stood at US$ 2156.50 per tonne, down by US$ 7 per tonne from US$ 2156.50 per tonne on March 8. Dec 22 bid price and Dec 22 offer price declined from US$ 2205 per tonne on March 8 to US$ 2203.50 per tonne on March 9.

The LME aluminium opening stock continued to decrease from 1293225 tonnes on Tuesday to 1286825 tonnes on Wednesday. Live Warrants totalled 1070550 tonnes, while Cancelled Warrants stood at 216275 tonnes.

LME aluminium 3-months Asian Reference Price came in at US$ 2133.52 per tonne as of March 9.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE also declined for the second day in a row to stand at US$ 2624 per tonne on Wednesday, March 10, 2021.

The most-liquid SHFE 2014 aluminium contract fell 0.99 per cent to settle at RMB 16,875 per tonne on Tuesday night, and is likely to trade between RMB 16,850-17,150 per tonne today.