LME benchmark aluminium price gains US$3/t with balance returning to the economy; SHFE fetches US$26/t

LME aluminium opened at US$2,310.5 per tonne last Friday and closed at US$2,305 per tonne.

On the bright side power supply at Sichuan province has increased leading to a recovery of balance in the economy with aluminium production rising up.

LME aluminium cash bid price stopped at US$2,308 per tonne, with a 0.11 per cent or US$2.50 per tonne hike on Friday, September 2, while LME aluminium official settlement price rested at US$2,309 per tonne, experiencing an increase of US$3 per tonne or 0.13 per cent.   

3-month bid price witnessed a 0.02 per cent or 50¢ per tonne slump to stand at US$2,300 per tonne and the 3-month offer price also had a similar percentage subtracted from it, arriving at US$2,301 per tonne.

December 23 bid price and December 23 offer price expanded by US$5 per tonne or 0.21 per cent to rest at US$2,357 per tonne and US$2,362 per tonne, respectively.

LME aluminium opening stock continued to decrease by 0.12 per cent or 325 tonnes, from 276,375 tonnes to 276,050 tonnes as of September 2.

Live warrants totalled 191,100 tonnes, showing no indication of change at all.  

Cancelled warrants read 84,950 tonnes, with a 0.38 per cent or 325 tonnes decline from the day before.

LME aluminium 3-month Asian Reference Price came in at US$2,308.32 per tonne, with a US$13.02 per tonne or 0.56 per cent drop.

SHFE aluminium price 

Today, on September 5, the SHFE benchmark aluminium price experienced a US$26 per tonne or 0.99 per cent elevation to stand at US$2,650 per tonne, if compared with the data previous week. 

The most-traded SHFE 2210 aluminium contract opened at RMB 18,110 per tonne at last Friday’s night session, and rose to RMB 18,350 per tonne before closing at RMB 18,245 per tonne, up RMB 135 per tonne or 0.75 per cent.

The most-traded SHFE 2210 aluminium closed down 0.33 per cent or RMB 60 per tonne to RMB 18,110 per tonne, with open interest down 1,319 lots to 171,672 lots.