LME aluminium price trended down this week from US$1454.5-1432.5/t, while SHFE price edged higher at US$1831/t

The US dollar index, which tracks the greenback against a basket of its peers, returned above the 100-mark on Monday, May 11. On Tuesday, the dollar fell but managed to erase earlier losses on Wednesday to trade largely flat against a basket of currencies. On Thursday, May 14, the US-dollar hit a three-week high.

Three-month LME aluminium closed 0.3 per cent higher on Monday, May 11, at US$1,496.5 per tonne, but slipped on Tuesday by 1.14 per cent to US$ 1,479.5 per tonne. Extending the decline further, it closed down 0.24% at US$1,476 per tonne on May 14. On Friday, May 15, it remained flat after slipping from an intraday high of US$1,482 per tonne to a new five-week low of US$ 1,467.5 per tonne.

LME aluminium cash (bid) price and LME official settlement price showed a downtrend this week, starting at US$ 1454.50 per tonne on Monday, May 11. On Tuesday, May 12, the prices decreased to US$ 1443 per tonne, and on Wednesday, May 13, to US$ 1439 per tonne. Continuing to decline further, both LME aluminium cash (bid) price and LME official settlement price stood at US$ 1433.50 per tonne on Thursday, May 14, and then at US$ 1432.50 per tonne, registering a marginal drop of US$ 1 per tonne on Friday, May 15.

3-months bid price and 3-months offer price also remained sluggish throughout the week ranging between US$ 1490.50 per tonne and US$ 1467 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1616 per tonne to US$ 1596 per tonne during May 11-15.

LME aluminium 3-months Asian Reference Price edged lower at US$ 1492.60-1481.50 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE, on the other, displayed an uptrend last week ranging between US$ 1820 per tonne and US$ 1831 per tonne. After starting the week at US$ 1820 per tonne on Monday, May 11, the SHFE aluminium price climbed to US$ 1837 per tonne on Tuesday. But on Wednesday, May 13, the price shrank to US$ 1802 per tonne, followed by a marginal rise on Thursday to US$ 1803 per tonne. On Friday, May 15, however, the SHFE price rebounded at US$ 1831 per tonne, registering a week-on-week rise of US$ 32 per tonne from US$ 1799 per tonne on May 8.