Sanctions on Russia lift LME aluminium price to another record high at $3450/t; SHFE price slips by $8/t

Three-month LME aluminium opened at US$3,407 per tonne on Monday, February 28, and closed at US$3,395 per tonne, an increase of US$15 per tonne or 0.44 per cent.

LME aluminium benchmark prices grew another record high after Western nations unveiled more sanctions on major producer Russia in response to its invasion of Ukraine. While LME aluminium cash bid price surged by US$93.5 per tonne or 2.79 per cent to US$3,448 per tonne, LME aluminium official settlement price increased by US$94.50 per tonne or 2.82 per cent to stand at US$3,450 per tonne on February 28. 3-month bid price and 3-month offer price soared by US$133 per tonne to come in at US$3,445 per tonne and US$3,447 per tonne. December 23 bid price and December 23 offer price also scored higher at US$3,133 per tonne and US$3,138 per tonne, respectively.

LME aluminium opening stock increased to 824025 tonnes. Live warrants and Cancelled warrants for the same day totalled 586175 tonnes and 237850 tonnes.

LME aluminium 3-month Asian Reference Price recorded at US$3,508.01 per tonne.

SHFE aluminium price

On Tuesday, March 1, the aluminium benchmark price for SHFE further slipped by US$8 per tonne to stand at US$3,588 per tonne.

The most-traded SHFE 2204 aluminium closed up 0.09 per cent or RMB 20 per tonne to RMB 22,855 per tonne, with open interest down 739 lots to 219,170 lots.

The most-traded SHFE 2204 aluminium contract opened at RMB 22,710 per tonne during last night’s session, with the highest and lowest prices at RMB 22,760 per tonne and 22,585 per tonne before closing at RMB 22,585 per tonne, down RMB 270 per tonne or 0.18 per cent.