Sanctions on Russian metal continue to drive LME aluminium prices; SHFE price gains US$5/t

LME aluminium opened at US$2,550 per tonne in the previous trading day, with its high and low at US$2,597 per tonne and US$2,549 per tonne, respectively, before closing at US$2,570 per tonne, up US$10.5 per tonne or 0.41 per cent.

LME aluminium prices witnessed a notable growth yesterday, propelled by the ongoing sanctions on Russian metals. These sanctions are designed to cut off a significant revenue stream for Russia, which has been supporting its military activities in Ukraine through metal exports.

As per the LME data, on Wednesday, April 17, both LME aluminium cash bid price and LME aluminium official settlement price surged by US$69 per tonne or 2.74 per cent to peg at US$2,580 per tonne and US$2,581 per tonne.

3-month bid price and 3-month offer price also expanded by US$29 per tonne or 1.14 per cent and US$30 per tonne or 1.18 per cent to clock at US$2,563 per tonne and US$2,565 per tonne. December 25 bid price and December 25 offer price ascended by US$10 per tonne or 0.37 per cent to reach US$2,687 per tonne or US$2,692 per tonne.

LME aluminium opening stock arrived at 513850 tonnes. Live warrants and Cancelled warrants stood at 234875 tonnes and 278975 tonnes. LME aluminium 3-month Asian Reference Price hiked by US$29.08 per tonne or 1.14 per cent to peg at US$2,560.82 per tonne.

SHFE aluminium price

On Wednesday, April 18, the SHFE aluminium benchmark price has gained US$5 per tonne to reach US$2,801 per tonne. Overnight, the most-traded SHFE 2406 aluminium contract opened at RMB 20,405 per tonne, with its lowest and highest at RMB 20,360 per tonne and RMB 20,495 per tonne before closing at RMB 20,375 per tonne, up RMB 75 per tonne or 0.37 per cent.