Three-month LME aluminium rose 1.07% to US$1,707.5/t; SHFE aluminium inched up 0.03%

Three-month LME aluminium hits its highest since March 13 at US$1,709 per tonne earlier in the session, ending up 1.07% to US$1,707.5 per tonne on Thursday.  The contract is likely to move at US$1,680-1,720 per tonne today.

As of Thursday July 23, LME aluminium cash (bid) price stands at US$ 1661 per tonne, LME official settlement price stands at US$ 1661 per tonne; 3-months bid price stands at US$ 1697.50 per tonne, 3-months offer price is US$ 1697.50 per tonne; Dec 21 bid price stands at US$ 1784.50 per tonne, and Dec 21 offer price stands at US$ 1784.50 per tonne.

The LME aluminium opening stock stood at 1640425 tonnes. Live Warrants totalled 1375250 tonnes, and Cancelled Warrants were 265175 tonnes.

LME aluminium 3-months Asian Reference Price is hovering at US$ 1690.48 per tonne.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE decreased to stand at US$ 2057 per tonne on Friday, 24 July 2020.

The most-traded SHFE August aluminium contract opened at RMB14,375 per tonne, and closed at RMB14,395 per tonne on Thursday. Low inventories and tight spot supplies still support aluminium prices.

The most-active SHFE August contract rose to its highest in more than a week at RMB14,545 per tonne in overnight trading, before finishing the session 0.94% firmer at 14,500.  The contract is expected to trade at RMB14,400-14,800 per tonne today.