LME benchmark aluminium price sheds US$26/t on March 15; SHFE aluminium price slumps by US$33/t

LME aluminium opened at US$2,349 per tonne on Wednesday and sank to US$2,261 per tonne before closing at US$2,281 per tonne, down 3 per cent.

On March 15, Wednesday, the LME aluminium cash bid price dropped by US$26 per tonne or 1.14 per cent to clock at US$2,245 per tonne, and the LME aluminium official settlement price also recorded a similar percentage slash, officially settling at US$2,246 per tonne. 

 The 3-month bid price has plunged by US$25 per tonne or 1.08 per cent, stopping at US$2,295 per tonne, whereas the 3-month offer price has decreased by US$25.50 per tonne or 1.1 per cent, closing at US$2,295.50 per tonne.

December 24 bid price and December 24 offer price halted at US$2,507 per tonne and US$2,512 per tonne yesterday, with a US$28 per tonne or 1.1 per cent fall.  

LME aluminium opening stock marks an inventory decline of 4,025 tonnes or 0.75 per cent to 532,425 tonnes from 536,450 tonnes recorded the day before.  

Live warrants totalled 427,500 tonnes, with 425 tonnes or 0.1 per cent hike. Cancelled warrants read 104,925 tonnes, with a loss of 4,450 tonnes or 4.07 per cent.

The 3-month Asian Reference Price came in at US$2,348.50 per tonne after a boost of US$33.04 per tonne or 1.43 per cent.

SHFE aluminium price

On March 16, today, the SHFE aluminium benchmark price has clocked at US$2,630 per tonne, diving down by US$33 per tonne or 1.24 per cent.

Affected by macro sentiment, non-ferrous metals prices generally fell. The most-traded SHFE 2304 aluminium contract opened at RMB 18,210 per tonne overnight and fell to around RMB 18,000 per tonne before closing at RMB 18,070 per tonne, down RMB 285 per tonne or 1.55 per cent.

The most-traded SHFE 2304 aluminium closed up 0.46 per cent or RMB 85 per tonne at RMB 18,375 per tonne, with open interest down 5,469 lots to 182,687 lots.