LME benchmark aluminium price stoops to US$2597/t with US$1/t fall; SHFE aluminium closes at US$2826/t

LME aluminium opened at US$2,593 per tonne last Monday, with its weekly high and low at US$2,664 per tonne and US$2,593 per tonne respectively before closing at US$2,627.5 per tonne, an increase of US$37.5 per tonne or 1.45 per cent.

On January 27, Friday, the LME aluminium cash bid price dropped down by US$0.50 per tonne or 0.02 per cent, settling at US$2,596.50 per tonne and the LME aluminium official settlement price experienced a fall of US$1 per tonne or 0.04 per cent, closing at US$2,597 per tonne.

The 3-month bid price deescalated by US$3 per tonne or 0.11 per cent, officially resting at US$2,637 per tonne, and the 3-month offer price saw a decrease of US$4 per tonne or 0.11 per cent to halt at US$2,638 per tonne.

December 24 bid price and December 24 offer price permuted to US$2,790 per tonne and US$2,795 per tonne on Friday, with a similar price augmentation of US$10 per tonne or 0.36 per cent.

LME aluminium opening stock witnessed an inventory decline of 3,900 tonnes or 0.93 per cent to settle at 415,525 tonnes from 419,425 tonnes recorded the previous day.

Live warrants totalled 234,650 tonnes maintaining the escalation recorded the day before. Cancelled warrants read 180,875 tonnes, with 3,900 tonnes or 2.11 per cent drop.

The 3-month Asian Reference Price came in at US$2,637 per tonne after losing US$22 per tonne or 0.83 per cent.

SHFE aluminium price

On January 20, SHFE 2303 aluminium contract jumped to RMB 19,500 per tonne, a new high in more than half a year. The SHFE was closed from January 21 to January 27 for the Chinese New Year (CNY).

On January 30, today, the SHFE aluminium benchmark price has stopped at US$2,826 per tonne, with a marked levitation of US$25 per tonne or 0.89 per cent when compared to the last recorded data of US$2,801 per tonne on January 20, before the Chinese New Year celebrations began.