LME benchmark aluminium price skips to US$2585.5/t gaining US$44.5/t; SHFE remains closed for Chinese New Year

On January 20, Friday, the LME aluminium cash bid price spiked by US$46 per tonne or 1.81 per cent, and the LME aluminium official settlement price went upward by US$44.50 per tonne or 1.75 per cent, closing at US$2,585 per tonne and US$2,585.50 per tonne, respectively.

The 3-month bid price marked a rise of US$42.50 per tonne or 1.65 per cent, officially resting at US$2,613 per tonne, and the 3-month offer price saw an increase of US$43 per tonne or 1.67 per cent to halt at US$2,614 per tonne.

December 24 bid price and December 24 offer price stood at US$2,753 per tonne and US$2,758 per tonne on Friday, with a similar price hike of US$46 per tonne or 1.7 per cent.

LME aluminium opening stock recorded a sudden outflow of 4,675 tonnes or 1.21 per cent to settle at 381,175 tonnes.    

Live warrants totalled 187,075 tonnes with no measurable change at all. Cancelled warrants read 194,100 tonnes, with a 4,675 tonnes or 2.35 per cent fall.

The 3-month Asian Reference Price came in at US$2,615.85 per tonne after it was heightened by US$3.78 per tonne or 0.14 per cent.

SHFE aluminium price 

Today, on January 23, the SHFE benchmark aluminium price has not altered at all due to the Chinese New Year celebration all throughout the nation. The people in China would be engulfed by the countrywide eccentric festivities commencing from January 21 to January 27.

On last Friday, January 20, SHFE aluminium price officially halted at US$2,801 per tonne, with US$5 per tonne or 0.18 per cent rise from the day before.