LME benchmark aluminium price shoots up US$57/t to begin the week; SHFE soars by US$44/t

LME aluminium opened at US$2,336.5 per tonne Monday and closed at US$2,427 per tonne, an increase of US$87 per tonne or 3.72 per cent.

LME aluminium cash bid price halted at US$2,377 per tonne, with a 2.48 per cent or US$57.50 per tonne escalation on Monday, July 18. LME aluminium official settlement price rested at US$2,377.50 per tonne, experiencing an upward strike of 2.46 per cent or US$57 per tonne. 

3-month bid price grew by 2.35 per cent or US$55 per tonne to stand at US$2,390 per tonne, while the 3-month offer price witnessed a US$56 per tonne or 2.4 per cent hike to begin the week at US$2,392 per tonne. 

December 23 bid price and December 23 offer price climbed up the graph by US$57 per tonne or 2.4 per cent to rest at US$2,425 per tonne and US$2,430 per tonne, respectively.

LME aluminium opening stock continued to decrease by 1.35 per cent or 4,500 tonnes, from 333,000 tonnes to 328,500 tonnes as of July 18.

Live warrants totalled 156,300 tonnes, restraining any change from last week’s data.

Cancelled warrants read 172,200 tonnes, shrinking by 2.55 per cent or 4,500 tonnes from the previous week.

LME aluminium 3-month Asian Reference Price had 2.52 per cent or US$58.38 per tonne added to it, stopping at US$2,376.27 per tonne.

SHFE aluminium price 

Today, on July 19, the SHFE benchmark aluminium price has gained US$44 per tonne or 1.67 per cent to stand at US$2,673 per tonne, if compared with data collected yesterday. 

The most-traded SHFE 2208 aluminium contract opened at RMB 17,830 per tonne overnight and closed at RMB 18,245 per tonne, up RMB 650 per tonne or 3.69 per cent.

The most-traded SHFE 2208 aluminium closed up 3.15 per cent or RMB 545 per tonne to RMB 17,830 per tonne, with open interest down 11,372 lots to 142,090 lots.