LME benchmark aluminium price rises by US$44.50/t; SHFE shifts US$8/t upwards

LME aluminium opened at US$2,389 per tonne on Wednesday and closed at US$2,422 per tonne, up US$37 per tonne or 1.55 per cent.

LME aluminium cash bid price stopped at US$2,456 per tonne, with a 1.84 per cent or US$44.50 per tonne escalation on Wednesday, July 20, while LME aluminium official settlement price rested at US$2,456.50 per tonne, experiencing a similar price hike.  

3-month bid price grew by 1.09 per cent or US$26.50 per tonne to stand at US$2,446 per tonne, while the 3-month offer price witnessed a US$27.50 per tonne or 1.14 per cent boost to US$2,448 per tonne. 

December 23 bid price and December 23 offer price climbed up the graph by US$20 per tonne or 0.8 per cent to rest at US$2,470 per tonne and US$2,475 per tonne, respectively.

LME aluminium opening stock continued to decrease by 1.35 per cent or 4,400 tonnes, from 325,075 tonnes to 320,675 tonnes as of July 20.

Live warrants totalled 156,300 tonnes, refraining from any alteration.

Cancelled warrants read 164,375 tonnes, shrinking by 2.68 per cent or 4,400 tonnes from the previous day.

LME aluminium 3-month Asian Reference Price had 0.08 per cent or US$1.86 per tonne added to it, stopping at US$2,407.35 per tonne.

SHFE aluminium price 

Today, on July 21, the SHFE benchmark aluminium price has gained US$8 per tonne or 0.3 per cent to stand at US$2,657 per tonne, if compared with data collected yesterday. 

SHFE aluminium remained range bound as the most-traded SHFE aluminium contract is about to shift, with obvious resistance at around RMB 18,000 per tonne.

The most-traded SHFE 2208 aluminium contract climbed after opening at RMB 18,045 per tonne, and closed at RMB 18,070 per tonne, up RMB 180 per tonne or 1.01 per cent.

The most-traded SHFE 2208 aluminium closed down 0.69 per cent or RMB 125 per tonne to RMB 17,905 per tonne, with open interest down 12,733 lots to 115,269 lots.