LME aluminium price strolls higher at US$3395/t; SHFE moves down to US$3358/t

LME aluminium opened at US$3,392 per tonne last Friday and closed at US$3,372 per tonne, down US$28 per tonne or 0.82 per cent. Prices of commodities might be on the rise once again as East of Ukraine is still being vacated for this might just be the beginning of the end.

LME aluminium cash bid price stood at US$3,393 per tonne and LME aluminium official settlement price halted at US$3,395, with a rise of 1.46 per cent or US$49 each, if compared with the records of Thursday.

The 3-month bid price of aluminium also increased by US$49 per tonne or 1.45 per cent to rest at US$3,421 per tonne. On the other hand, 3-month offer price faced the same percentage rise resting at US$3,423 per tonne.

From the LME official price chart of Friday, December 23 bid price stood at US$3,295 per tonne and December23 offer price at US$3,300, both witnessing an upward swing of 0.92 per cent or US$30.

LME aluminium opening stock continued to decrease from 619,775 tonnes to 615,750 tonnes or 0.65 per cent as recorded on 8^th April. Live warrants totalled 395,450 tonnes recording a fall of 3,550 tonnes but Cancelled warrants rose by 475 tonnes resting at 220,300 tonnes.

The LME aluminium 3-month Asian Reference Price dropped by 0.67 per cent or US$23 to stop at US$3,401.50 per tonne.

SHFE aluminium price 

As of Monday, April 11^th, the benchmark aluminium price for SHFE has declined by US$76 per tonne or 2.21 per cent to stand at US$3,358 per tonne.

The most-traded SHFE 2205 aluminium contract opened at RMB 21,810 per tonne during last Friday’s night session and rose to RMB 21,855 per tonne before closing at RMB 21,730 per tonne, down RMB 65 yuan per tonne or 0.3 per cent.

The most-traded SHFE 2205 aluminium closed down 1.38 per cent or RMB 305 per tonne to RMB 21,825 per tonne, with open interest down 8,151 lots to 186,416 lots.