LME benchmark aluminium price travels US$92/t up to US$2603/t; SHFE loses US$6/t

LME aluminium opened at US$2,595 per tonne on Monday and closed at US$2,603.5 per tonne, an increase of US$8.5 per tonne or 0.33 per cent.

On January 16, Monday, the LME aluminium cash bid price and the LME aluminium official settlement price glided up by US$92 per tonne or 3.66 per cent, closing at US$2,602.50 per tonne and US$2,603 per tonne. The LME price is on an upward stroll keeping last Friday’s hike in mind.

The 3-month bid price witnessed an escalation of US$79.50 per tonne or 3.1 per cent, officially resting at US$2,623.50 per tonne, and the 3-month offer price saw a rise of US$78 per tonne or 3.06 per cent to halt at US$2,624 per tonne.

December 24 bid price and December 24 offer price stood at US$2,767 per tonne and US$2,772 per tonne on Monday, with an ascend of US$57 per tonne or 2.1 per cent.

LME aluminium opening stock marked a decline of 3,600 tonnes or 0.89 per cent to settle at 399,650 tonnes from 403,250 tonnes recorded at the end of last week.    

Live warrants totalled 190,175 tonnes, with a fall of 1,400 tonnes or 0.73 per cent. Cancelled warrants read 209,475 tonnes, with a decline of 2,200 tonnes or 1.04 per cent.  

Only the 3-month Asian Reference Price came in at US$2,591.43 per tonne after a spike of US$26.93 per tonne or 1.05 per cent.

SHFE aluminium price 

Today, on January 17, the SHFE benchmark aluminium price has anchored itself at US$2,753 per tonne, with a drop of 0.2 per cent or US$6 per tonne. The SHFE aluminium price has fallen after an elongated 7 days period of gradual rise.

The most-traded SHFE 2302 aluminium contract opened at RMB 18,495 per tonne overnight before closing at RMB 18,545 per tonne, up RMB 50 per tonne or 0.27 per cent.

The most-traded SHFE 2302 aluminium closed up 0.52 per cent or RMB 95 per tonne at RMB 18,485 per tonne, with open interest down 7,185 lots to 95,867 lots.