LME benchmark aluminium price surges to US$2306/t with US$90/t increase; SHFE rises by US$32/t

LME aluminium opened at US$2,359.5 per tonne last Friday, with its high and low at US$2,360 per tonne and US$2,344 per tonne, respectively, before closing at US$2,350 per tonne, a drop of US$9.5 per tonne or 0.4 per cent.

On November 4, Friday LME aluminium cash bid price augmented by US$89.50 per tonne or 4.04 per cent to halt at US$2,305 per tonne, and the LME aluminium official settlement price also had a spike of US$90 per tonne or 4.06 per cent to rest at US$2,306 per tonne.  

The 3-month bid price escalated by US$76 per tonne or 3.39 per cent to close at US$2,316 per tonne, and the 3-month offer price went up the same amount to close the week at US$2,318 per tonne.   

December 23 bid price and December 23 offer price both recorded a US$72 per tonne or 3.1 per cent hike, stopping at US$2,390 per tonne and US$2,395 per tonne, respectively. 

LME aluminium opening stock plummeted by 3,450 tonnes or 0.6 per cent to settle at 574,425 tonnes from 577,875 tonnes recorded the previous day. 

Live warrants totalled 328,675 tonnes, sliding down by 0.15 per cent or 500 tonnes.  Cancelled warrants read 245,750 tonnes, with a fall of 2,950 tonnes or 1.19 per cent.  

LME aluminium 3-month Asian Reference Price came in at US$2,286.37 per tonne after gaining US$36.87 per tonne or 1.64 per cent.

SHFE aluminium price 

Today, on November 7, the SHFE benchmark aluminium price has risen by US$32 per tonne or 1.28 per cent to rest at US$2,539 per tonne.

The most-traded SHFE 2212 aluminium contract opened at RMB 18,500 per tonne at last Friday’s night session, with its low and high at RMB 18,350 per tonne and RMB 18,565 per tonne before closing at RMB 18,435 per tonne, up RMB 50 per tonne or 0.27 per cent.

The most-traded SHFE 2212 aluminium closed up 2.03 per cent or RMB 365 per tonne at RMB 18,385 per tonne, with open interest down 9,363 lots to 157,347 lots.