LME aluminium price settles 1.61% higher at US$2530.50/t; SHFE price gains US$10/t to US$2981/t
Three-month LME aluminium contract rose 1.76 per cent to settle at US$2,600 per tonne on Monday, November 8.
On Monday, November 8, LME aluminium cash (bid) price and LME official settlement price increased by US$40 per tonne or 1.61 percent to stand at US$2,530 per tonne and US$2,530.50 per tonne, respectively. 3-month bid price and 3-month offer price came in at US$2,557 per tonne and US$2,558 per tonne. December 22 bid price and December 22 offer price settled at US$2,542 per tonne and US$2,547 per tonne.
LME aluminium opening stock on November 8 further decreased to 1000375 tonnes. Live warrants remained at 621850 tonnes, while cancelled warrants slumped to 378525 tonnes.
LME aluminium 3-month Asian Reference Price stood at US$2,558.48 per tonne on November 8.
SHFE Aluminium Price Trend
On Tuesday, November 9, the benchmark aluminium price for SHFE grew by US$10 tonne to stand at US$2,981 per tonne.
The most-traded SHFE 2112 aluminium closed up 0.24 per tonne or RMB 45 per tonne to RMB 18,680 per tonne, with open interest down 17,491 lots to 1,99,829 lots.
SHFE 2112 aluminium contracts rose 1.13 per cent or RMB 215 per tonne to settle at RMB 19,195 per tonne, with declining short positions. The social inventory of aluminium in China fell 2,000 tonnes to 1.01 million tonnes yesterday.
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