LME closed for Late May Bank Holiday; SHFE aluminium fell 0.72% in the overnight trading

The London Metal Exchange was closed on Monday for Late May Bank Holiday. On Friday, May 28, LME aluminium cash (bid) price stood at US$ 2404.50 per tonne, LME official settlement price came in at US$ 2404.50 per tonne. LME aluminium is expected to move between US$2,450-2,520 per tonne.

Shanghai base metals mostly dropped in the overnight trading amid the lower US index. SHFE aluminium fell 0.72%.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased to stand at US$ 2936 per tonne on Tuesday, 01 June 2021.

The most-liquid SHFE 2107 aluminium contract finished the day 0.51% higher at RMB18,825 per tonne on Monday. Open interest fell 2,597 lots to 235,330 lots. The aluminium contract fell 0.72% to settle at RMB18,685 per tonne in the overnight trading. It is expected to trade between 18,500-19,800 today.

The social inventory of aluminium ingots increased unexpectedly on Monday, an increase of  14,000 tonnes to 962,000 tonnes from May 27, and the increase was significant in south China, Shanghai Metals Market reported.