LME aluminium price surged by US$56/t during February 15-19; SHFE opened the market after CNY holiday at US$2527/t

Benchmark aluminium price on the London Metal Exchange increased by 2.69 per cent throughout the week during February 15-19, 2021.

Both LME aluminium cash (bid) price and LME official settlement price recorded a surge during February 15-19 from US$ 2079 per tonne to US$ 2135 per tonne – an increase of US$ 56 per tonne. However, on Tuesday, February 16, the prices dipped by US$ 2 per tonne from US$ 2079 per tonne on Monday to US$ 2077 per tonne. On Wednesday, they hiked to US$ 2096.50 per tonne, which further expanded by US$ 50.50 per tonne to reach at US$ 2147 per tonne on Thursday, February 18. On Friday, February 19, LME prices shredded US$ 12 per tonne to close the week at US$ 2135 per tonne.

3-months bid price and 3-months offer price ranged between US$2082.50 per tonne and US$ 2150.50 per tonne this week, registering a hike of US$ 68 per tonne. On Tuesday, February 16, the prices increased by US$ 3.5 per tonne to stand at US$ 2086 per tonne, which further rose on Wednesday to US$ 2103.50 per tonne. Extending the rise on Thursday, February 18, both 3-months bid price and 3-months offer price stood at US$ 2161 per tonne, up by US$ 57.50 per tonne from the previous day. However, they closed the week on Friday, February 19, lower at US$ 2150.50 per tonne.

The LME aluminium opening stock decreased throughout the week from 1379325 tonnes to 1354150 tonnes.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE resumed after a week-long Chinese New Year holiday on Thursday, February 18, with a jump of US$ 66 per tonne to US$ 2527 per tonne. It expanded by US$ 21 per tonne to close the week on Friday, February 19, at US$ 2548 per tonne.