Three-month LME aluminium opened at US$2,283 per tonne and settled at US$2,280 per tonne, down 0.07 per cent.
On Thursday, March 16, the LME aluminium cash bid price saw a further drop of US$8 per tonne or 0.36 per cent to stand at US$2,237 per tonne, and the LME aluminium official settlement price decreased by US$8.50 per tonne or 0.38 per cent to rest at US$2,237.50 per tonne.
The 3-month bid price slipped by US$9 per tonne to settle at US$2,286 per tonne, and the 3-month offer price shrank by US$8.50 per tonne to close at US$2,287 per tonne. Meanwhile, December 24 bid price and December 24 offer price inched up by US$1 per tonne on March 16 to peg at US$2,508 per tonne and US$2,513 per tonne, respectively.
LME aluminium opening stock continued to suffer a loss. As of March 16, the inventory stood at 530,550 tonnes, down by 1,875 tonnes from 532,425 tonnes on March 15. Live warrants decreased by 2,150 tonnes to stand at 425,350 tonnes, while Cancelled warrants grew by 275 tonnes to close at 105,200 tonnes.
The 3-month Asian Reference Price stood at US$2,279.55 per tonne on March 16 – 2.94 per cent less than US$2,348.50 per tonne on March 15.
SHFE aluminium price
On Friday, March 17, the SHFE aluminium benchmark price has built-up by US$18 per tonne, closing the week at US$2,648 per tonne. On a week-on-week calculation, the price has edged an increase of US$22 per tonne from US$2,626 per tonne.
The most-traded SHFE 2304 aluminium contract opened at RMB 18,250 per tonne overnight and fell to around RMB 18,045 per tonne before closing at RMB 18,135 per tonne, flat from the previous trading day.
The most-traded SHFE 2304 aluminium closed down 1.20 per cent or RMB 220 per tonne at RMB 18,135 per tonne, with open interest down 5,971 lots to 176,716 lots.
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