LME price falls constantly for four days to stop at US$3,483/t; SHFE is closed for Qingming Festival

LME aluminium opened at US$3,540 per tonne on Thursday and closed at US$3,468 per tonne, down US$78.5 per tonne or 2.21 per cent.

On Friday, LME aluminium cash bid price stood at US$3,482.50 per tonne and LME aluminium official settlement price halted at US$3,483 per tonne, with a fall of 0.56 per cent and 0.57 per cent respectively, in comparison with the records of the previous day.

The 3-month bid price of aluminium decreased by US$20 per tonne or 0.57 per cent to rest at US$3,497 per tonne. Meanwhile, 3-month offer price had a 0.54 per cent fall resting at US$3,499 per tonne.

From data collected the same day, December 23 bid price stood at US$3,350 per tonne and December23 offer price at US$3,355, both witnessing a downward swing of 0.50 per cent or US$17 per tonne.

LME aluminium opening stock continued to decline from 646,850 tonnes to 635,975 tonnes or 1.68 per cent as of 1^st April. Live warrants totalled 433,575 tonnes recording a subtraction of 1,850 tonnes from the day before. Cancelled warrants declined by 4.27 per cent resting at 202,400 tonnes.

The LME aluminium 3-month Asian Reference Price stooped by 1.53 per cent to limit the bar at US$3,474.64 per tonne.

The price of aluminium is on a downward stream because of Russia’s retreat from Ukraine and the demobilisation of the soviet army in some of the war torn parts. War creates a void in the economy and the constant sanctions on Russia by the European countries and the Australian Government was creating a huge crisis in the metal market. Nevertheless with the handing over of Chernobyl to the Ukrainians, it seems war on a large scale can be averted at this moment. With trades taking place again, the world economy is slowly regaining its pace and the prices of commodities are hopefully going to come back to normal.

SHFE aluminium price 

SHFE readings would not be available for the Qingming Festival (The Tomb-Sweeping Day) from April 3, 2022 to April 5, 2022, and will open as usual on April 6, 2022.

Overnight, the most-traded SHFE 2205 aluminium contract opened at RMB 22,740 per tonne, with the highest and lowest prices at RMB 22,820 per tonne and RMB 22,650 per tonne before closing at RMB 22,740 per tonne, down RMB 60 per tonne or 0.26 per cent.