LME benchmark aluminium price on a slothful pace since March 8 gains US$5.5/t; SHFE sheds US$4/t

LME aluminium opened at US$2,284.5 per tonne on Monday, with its high and low at US$2,300 per tonne and US$2,254 per tonne, respectively, before closing at US$2,284 per tonne, an increase of US$6 per tonne or 0.26 per cent.

On March 20, Monday, the LME aluminium cash bid price ascended by US$7 per tonne or 0.31 per cent to halt at US$2,237 per tonne, and the LME aluminium official settlement price grew US$5.50 per tonne, officially settling at US$2,237.50 per tonne. 

The 3-month bid price shot up US$3.50 per tonne or 0.15 per cent, stopping at US$2,282.50 per tonne, whereas the 3-month offer price soared up US$3 per tonne or 0.13 per cent, closing at US$2,283 per tonne.

December 24 bid price and December 24 offer price halted at US$2,498 per tonne and US$2,503 per tonne with no noticeable change from the week before. 

LME aluminium opening stock marks an inventory slash of 6,150 tonnes or 1.11 per cent to 546,200 tonnes from 552,350 tonnes recorded last Friday.   

Live warrants totalled 436,925 tonnes, with 975 tonnes or a 0.22 per cent decline. Cancelled warrants read 109,275 tonnes, with a loss of 5,175 tonnes or 4.52 per cent.

The 3-month Asian Reference Price came in at US$2,260.38 per tonne after a fall of US$40.62 per tonne or 1.76 per cent.

SHFE aluminium price

On March 21, today, the SHFE aluminium benchmark price has anchored at US$2,641 per tonne, descending by US$4 per tonne or 0.15 per cent.

Overnight, the most-traded SHFE 2304 aluminium contract opened at RMB 18,200 per tonne, with its lowest and highest at RMB 18,125 per tonne and RMB 18,240 per tonne before closing at RMB 18,170 per tonne, up RMB 130 per tonne or 0.72 per cent. 

The most-traded SHFE 2304 aluminium closed up 0.52 per cent or RMB 95 per tonne at RMB 18,230 per tonne, with open interest down 16,215 lots to 160,501 lots.