Supply disruption fear continues to lift LME aluminium price exponentially to US$3851/t; SHFE price underperforms LME at US$3774/t
Three-month LME aluminium opened at US$3,765 per tonne last Friday and hit a high of US$3,867 per tonne before closing at US$3,840.50 per tonne, an increase of $74 per tonne or 1.96 per cent.
On Friday, March 4, LME aluminium benchmark prices continued to rise exponentially to exceed US$3,800 per tonne, driven by the on-going fear of supply disruption due to sanctions on major producer Russia. While LME aluminium cash bid price surged by US$122 per tonne to stand at US$3,850 per tonne, LME aluminium official settlement price soared by US$122.50 per tonne to come in at US$3,851 per tonne. 3-month bid price and 3-month offer price expanded by US$115.50 per tonne and US$116 per tonne, respectively, to close at US$3,819 per tonne and US$3,820 per tonne. December 23 bid price and December 23 offer price settled higher at US$3,368 per tonne and US$3,373 per tonne.
LME aluminium opening stock decreased to 794150 tonnes. Live warrants and Cancelled warrants also declined on the same day to 497225 tonnes and 296925 tonnes.
LME aluminium 3-month Asian Reference Price closed the week even higher at US$ 3,834.75 per tonne.
SHFE aluminium price
On Monday, March 7, the benchmark aluminium price for SHFE opened the week at US$3,774 per tonne, up by US$30 per tonne from US$3,734 per tonne on March 4. The price is underperforming LME aluminium as the growth of Chinese domestic price pulled back due to the accelerated production resumption at smelters and relatively weak downstream consumption.
The most-traded SHFE 2204 aluminium closed up 0.26 per cent or RMB 60 per tonne to RMB 23,570 per tonne, with open interest down 7,723 lots to 237,749 lots.
During last Friday’s night session, the most-traded SHFE 2204 aluminium contract opened at RMB 23,400 per tonne, and climbed to RMB 23,680 per tonne, but then moved between RMB 23,560-23,630 per tonne before closing at RMB 23,595 per tonne, down RMB 40 per tonne or 0.17 per cent.
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