LME aluminium price stands 1.35% W-o-W high despite losing $7.5/t; SHFE price touches the US$2700/t level

On Friday, August 16, the 3-month LME aluminium contract price opened at US$2,358.50 per tonne, with a high of US$2,374 per tonne and a low of US$2,338.50 per tonne, closing at US$2,368 per tonne, up US$12 per tonne.

LME aluminium cash bid price and LME aluminium official settlement price suffered a loss of US$7.5 per tonne on Friday, August 16, after the prices increased and touched the US$2,300 per tonne level the previous day. However, marking a week-on-week increase of about 1.35 per cent, LME aluminium cash bid price and LME aluminium official settlement price closed the week at US$2,293 per tonne and US$2,293.50 per tonne, respectively.

On the same day, the 3-month bid price and 3-month offer price clocked at US$2,342 per tonne and US$2,342.50 per tonne, down by US$7 per tonne and US$7.5 per tonne from the earlier day. In contrast, the December-25 bid price and December-25 offer price inched up by US$1 per tonne on August 16 to stand at US$2,488 per tonne and US$2,493 per tonne.

LME aluminium opening stock totalled 888,975 tonnes, recording an overnight decline of 3,500 tonnes. Live warrants and Cancelled warrants amounted to 346,625 tonnes and 542,350 tonnes.

LME aluminium 3-month Asian Reference Price gained US$14.67 per tonne, reaching US$2,359.64 per tonne.

SHFE aluminium price

On Monday, August 19, the SHFE aluminium benchmark price reached the milestone of US$2,700 per tonne after ranging between US$2,696 per tonne and US$2,678 per tonne. The SHFE price has touched the US$2,700 level after increasing US$22 per tonne over the weekend.

Last Friday night, the most-traded SHFE aluminium 2409 contract opened at RMB 19,295 per tonne, with a high of RMB 19,445 per tonne and a low of RMB 19,395 per tonne, closing at RMB 19,395 per tonne, up RMB 105 per tonne or 0.54 per cent.