LME aluminium slackens by US$3.5/t, up US$200/t M-o-M; SHFE adds 1.09% after Qingming Festival

LME aluminum opened at US$2,435 per tonne last Friday, with its high and low at US$2,455.50 per tonne and US$2,418.50 per tonne respectively before closing at US$2,451 per tonne, an increase of US$6 per tonne or 0.25 per cent. 

The London Metal Exchange graph registered slightly declining prices on April 5, last Friday, with the LME aluminium cash bid and the LME aluminium official price losing US$3.50 per tonne or 0.15 per cent to close at US$2,390.50 per tonne and US$2,391 per tonne, respectively. On a Month-on-Month scale, there has been a rise of US$200 per tonne, or 9.12 per cent, from US$2,191 per tonne recorded on March 5. 

The LME 3-month bid price and the LME 3-month offer price have marked a decrease of US$7 per tonne or 0.29 per cent, to settle at US$2,432 per tonne and US$2,433 per tonne. 

The LME 25-December bid price and the 25-December offer price have dwindled by US$10 per tonne or 0.38 per cent to officiate at US$2,608 per tonne and US$2,613 per tonne. 

The opening stock has rested at 535,475 tonnes, falling by 1,375 tonne or 0.26 per cent. Live and cancelled stocks parked at 326,200 tonnes and 209,275 tonnes, respectively. 

The LME Asian reference price has negated US$3.68 per tonne or 0.15 per cent to arrive at US$2,441.43 per tonne. 

SHFE aluminium price 

SHFE has opened after the Qingming festival showing a stark levitation of US$30 per tonne or 0.09 per cent to finally close at US$2,772 per tonne. The consumption recovery is weaker than expected, and there is an accumulation of aluminium ingot inventories in some areas. The falling prebaked anode and coal prices have weakened cost support to aluminium prices. We can only hope to find out whether SHFE aluminium will fall below RMB 18,000 per tonne in the short term.

At last Wednesday’s session, the most-traded SHFE 2405 aluminium contract opened at RMB 19,885 per tonne, with its lowest and highest at RMB 19,810 per tonne and RMB 19,965 per tonne before closing at RMB 19925 per tonne, up RMB 115 per tonne or 0.58 per cent. 

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.