LME/SHFE Weekly Recap: LME aluminium price closed range-bound at US$2155.5/t; SHFE settled at 2% higher

The LME aluminium benchmark price reflected a consistent growth throughout the week until it plunged significantly on Friday, September 15. On Monday, September 11, the LME aluminium cash bid price and LME aluminium official settlement price increased by US$21 per tonne and US$21.50 per tonne over the weekend, settling at US$2,153 per tonne and US$2,154 per tonne, respectively. The next day, the prices grew marginally by US$0.50 per tonne and US$1 per tonne to stand at US$2,152.50 per tonne and US$2,153 per tonne. 

On Wednesday, September 13, the LME aluminium cash bid price and LME aluminium official settlement price further expanded, both by US$3.50 per tonne, to reach US$2,156 per tonne and US$2,156.50 per tonne. On Thursday, September 14, the prices recorded a leap of US$36 per tonne, clocking at US$2,192 per tonne and US$2,192.50 per tonne. Thus, on a month-on-month basis, the LME aluminium benchmark price edged a hike of US$96.50 per tonne from US$2,096 per tonne on September 14.

However, on Friday, September 15, the LME aluminium cash bid price and LME aluminium official settlement price shrank by US$37 per tonne to close the week at US$2,155 per tonne and US$2,155.50 per tonne. With that sharp fall, the LME aluminium benchmark price returned close to where it began the week. 

The 3-month bid price and the 3-month offer price also recorded growth through the first four days of the week from US$2,194 per tonne and US$2,195 per tonne to US$2,234.50 per tonne and US$2,235 per tonne but plunged on Friday, September 15, to close the week at US$2,196 per tonne and US$2,197 per tonne, respectively. 

LME aluminium opening stock ended the week on September 15 at 495,400 tonnes, down by 475 tonnes from 495,875 tonnes on Monday, September 11. 

SHFE aluminium price

The SHFE aluminium benchmark price reflected a hike through the week by US$49 per tonne or 1.85 per cent, despite two intermittent downfalls of total US$22 per tonne. The SHFE price started the week on September 11 with an increase of US$11 per tonne, standing at US$2,654 per tonne, followed by a further hike of US$37 per tonne to US$2,691 per tonne. On Wednesday and Thursday, the SHFE price dropped US$3 per tonne and US$19 per tonne, respectively, to peg at US$2,688 per tonne and US$2,669 per tonne. However, on Friday, September 15, the SHFE aluminium price recovered its losses by gaining US$34 per tonne to stand at US$2,703 per tonne.