23 AUGUST 2023AlCircleNews

LME official aluminium price rallies US$53/t upwards; SHFE aluminium price grows 1.7% W-o-W

Edited by : Mayurakshi Ganguly

2 min read

LME official aluminium price rallies US$53/t upwards; SHFE aluminium price grows 1.7% W-o-W

LME aluminium prices closed at US$2181 per tonne overnight, an increase of US$35.5 per tonne or 1.65 per cent.

The London Metal Exchange on August 22 marked escalating aluminium prices, with the LME aluminium cash bid price and the LME aluminium official settlement price uniformly releasing US$53 per tonne or 2.56 per cent, officially closing at US$2,121 per tonne and US$2121.50 per tonne, respectively.

LME official aluminium price rallies US$53/t upwards; SHFE aluminium price grows 1.7% W-o-W

If we consider the LME aluminium price on August 16, which was US$2,089 per tonne, it can be seen that there has been a Week-on-Week surge of US$32.50 per tonne or 1.55 per cent.

China's aluminium ingots social inventory decreased, causing a 0.81 per cent increase in aluminium prices. However, London Metal Exchange registered a rise in inventories due to inflows of 38,725 metric tonnes into South Korea. Aluminium output has been gradually increasing in China, while global primary aluminium production declined by 0.5 per cent in July.

LME 3-month bid price slumped by US$50 per tonne or 2.36 per cent, stopping at US$2,172 per tonne, and LME 3-month offer price plunged by US$51 per tonne or 2.4 per cent, settling down at US$2,174 per tonne.

December 24 bid price and December 24 offer price both dropped US$47 per tonne or 2.05 per cent to park at US$2,335 per tonne and US$2,340 per tonne.

LME aluminium opening stock stood at 529,775 tonnes, with an influx of 38,725 tonnes or 7.89 per cent.

Live warrants and Cancelled warrants settled at 246,575 tonnes and 283,200 tonnes. LME aluminium 3-month Asian Reference Price halted at US$2,159 per tonne after gaining US$20.53 per tonne or 0.96 per cent.

SHFE aluminium price

Today, on August 23, the Shanghai Futures Exchange (SHFE) aluminium benchmark price has soared by US$19 per tonne or 0.74 per cent to close at US$2,578 per tonne. The SHFE aluminium price on August 16 was US$2,535 per tonne, which hiked Week-on-Week by US$43 per tonne or 1.7 per cent to reach today's marked price.

Overnight, the most-traded SHFE 2309 aluminium contract opened at RMB 18700 per tonne and closed at RMB 18675 per tonne, flat from the previous trading day.