LME benchmark aluminium price moves up by US$7.5/t to US$2593/t; SHFE stays shut for Chinese New Year

On January 23, Monday, the LME aluminium cash bid price and the LME aluminium official settlement price had a meagre elevation of US$7.50 per tonne or 0.29 per cent, closing at US$2,592.50 per tonne and US$2,593 per tonne, respectively.

Though the previous week was completely in turmoil as the aluminium prices were fluctuating, since last Friday, despite the energy crisis in European countries, the trend has been hawkish.

The 3-month bid price marked a rise of US$6 per tonne or 0.23 per cent, officially resting at US$2,619 per tonne, and the 3-month offer price saw an increase of US$5.50 per tonne or 0.21 per cent to halt at US$2,619.50 per tonne.

December 24 bid price and December 24 offer price anchored at US$2,760 per tonne and US$2,765 per tonne on Monday, with a similar price hike of US$7 per tonne or 0.25 per cent.

LME aluminium opening stock experienced a huge inventory slash of 5,225 tonnes or 1.37 per cent to settle at 375,950 tonnes.    

Live warrants totalled 187,075 tonnes with no measurable change at all. Cancelled warrants read 188,875 tonnes, with 5,225 tonnes or 2.69 per cent drop.

The 3-month Asian Reference Price came in at US$2,601.50 per tonne after it lost US$14.35 per tonne or 0.55 per cent.

SHFE aluminium price

SHFE is closed due to the ongoing Chinese New Year celebrations. The Shanghai Metal Market is displaying data belonging to last Friday, January 20, when the aluminium price stood at US$2,801 per tonne.

After the market resumes after the New Year festivities, chances are aluminium prices will be on the lower side to shorten inventories.