LME aluminium benchmark price drops US$4/t after an increase last day; SHFE price regains US$11/t

LME aluminum opened at US$2,226.50 per tonne on Wednesday, March 6, with high and low at US$2,243.50 per tonne and US$2,220 per tonne, respectively, before closing at US$2,223 per tonne, down US$5.5 per tonne or 0.25 per cent.

On March 6, the LME aluminium cash bid price and LME aluminium official settlement price dropped by US$4 per tonne to stand at US$2,187 per tonne and US$2,187.50 per tonne, respectively, following a rise of US$9 per tonne on the previous day. 

The 3-month bid price and 3-month offer price dipped US$3 per tonne on March 6 to reach US$2,230 per tonne and US$2,231 per tonne. December 25 bid price and December 25 offer price also lost the same amount to settle at US$2,440 per tonne and US$2,445 per tonne, respectively. 

LME aluminium opening stock amounted to 581,900 tonnes on March 6, down by 0.31 per cent from 583,700 tonnes on March 5. Live Warrants registered a fall of 0.71 per cent to 350,475 tonnes, while Cancelled Warrants experienced a rise of 0.30 per cent to 231,425 tonnes.  

LME aluminium 3-month Asian Reference Price almost remained restrained at US$2,227.84 per tonne, compared to US$2,228.50 per tonne a day ago.

SHFE aluminium price

On Wednesday, March 6, the SHFE aluminium benchmark price has gained back the previous day’s loss of US$11 per tonne on Thursday, March 7. The price now stands at US$2,651 per tonne. 

The most-traded SHFE 2404 aluminium contract opened at RMB 19,065 per tonne overnight, with its low and high at RMB 19,065 per tonne and RMB 19,115 per tonne before closing at RMB 19,080 per tonne, up RMB 50 per tonne or 0.26 per cent.