The SHFE aluminium benchmark price has continued to grow on Tuesday, April 2, albeit at a lower rate. According to the data, the price has increased by US$3 per tonne to reach US$2,721 per tonne. Compared to the same period last year, the price is 0.33 per cent higher than US$2,712 per tonne. On a week-on-week basis, the SHFE price is up by US$13 per tonne or 0.48 per cent from US$2,708 per tonne.
Overnight, the most-traded SHFE 2405 aluminium contract opened at RMB 19,760 per tonne, with its lowest and highest at RMB 19,710 per tonne and RMB 19,805 per tonne before closing at RMB 19,725 per tonne, up RMB 5 per tonne or 0.03 per cent.
China’s primary aluminium domestic price has been on a rising spree for the past week. Due to dry weather, limited production in one of China’s leading primary aluminium-producing provinces, Yunnan, has led to a rise in supply uncertainty, contributing to market apprehensions.
LME aluminium price:
The LME market was closed on March 29 and April 1, 2024, for the Good Friday and Easter Monday holidays. The LME prices were last updated on Thursday, March 28, when the LME aluminium cash bid price and LME aluminium official settlement price soared by US$32 per tonne to US$2,269.50 per tonne and US$2,270 per tonne, respectively.
The LME aluminium opening stock narrowed down by 2,050 tonnes or 0.37 per cent to 554,475 tonnes. Live and Cancelled Warrants stood at 342,450 tonnes and 212,025 tonnes, as the latter plunged by 2,050 tonnes or 0.96 per cent.
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