Primary Aluminium News - Market

LME benchmark aluminium price marks 1.45% hike while SHFE aluminium price releases US$19/t

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LME aluminium opened at US$2,225 per tonne on Wednesday, with its low and high at US$2,190 per tonne and US$2,236.5 per tonne, respectively, before closing at US$2,206 per tonne, a drop of US$13 per tonne or 0.63 per cent.

LME benchmark aluminium price marks 1.45% hike while SHFE aluminium price releases US$19/t

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There is uncertainty in the macroeconomic environment due to the failure of the debt ceiling negotiations to reach an agreement. The US Federal Reserve is still debating whether to increase interest rates or not. Additionally, the consumption recovery has been weaker than predicted. Furthermore, prebaked anodes and coal prices have decreased, causing a decline in cost support for aluminium prices.

On May 24, Wednesday, the LME aluminium cash bid price closed at US$2,233 per tonne, with a subtle increase of US$31.50 per tonne or 1.43 per cent, while the LME aluminium official settlement price halted at US$2,234 per tonne, heightening by US$32 per tonne or 1.45 per cent. The current aluminium price has seen a boost after three continuous days of price cuts from May 19. 

The 3-month bid price with US$3 per tonne or 0.13 per cent hike rested at US$2,228 per tonne, and the 3-month offer price floated up by US$2 per tonne or 0.09 per cent, officially marking US$2,229 per tonne.

December 24 bid price and December 24 offer price both have refrained from any change from the previous day, May 23, remaining stuck at US$2,393 per tonne and US$2,403 per tonne, respectively. 

LME aluminium opening stock witnessed a fall of 0.03 per cent or 200 tonnes, officially closing at 575,675 tonnes.

Live warrants read 398,200 tonnes, with no recordable alteration. Cancelled warrants recorded 177,475 tonnes, with 200 tonnes or 0.11 per cent slump.

The 3-month Asian Reference Price arrived at US$2,196.91 per tonne, with a loss of US$50.76 per tonne or 2.26 per cent.

Outlook 2023

SHFE aluminium price

On May 25, today, SHFE aluminium price has dropped US$19 per tonne or 0.74 per cent, officially closing at US$2,530 per tonne. Though it is on a downward curve now, from 16-22 May, the SHFE aluminium prices have maintained the US$2,600 per tonne mark, with the average aluminium prices ranging between US$2,603 per tonne and US$2,635 per tonne. 

The most-traded SHFE 2306 aluminium contract opened at RMB 18,080 per tonne overnight, with its low and high at RMB 17,790 per tonne and RMB 18,080 per tonne before closing at RMB 17,915 per tonne, up RMB 40 per tonne or 0.22 per cent.

SHFE 2307 aluminium dipped RMB 155 per tonne or 0.86 per cent to RMB 17,965 per tonne. The open interest rose from 5,521 lots to 220,234 lots. 

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