LME aluminium benchmark price loses US$8/t to close at US$2598/t; SHFE is closed for CNY

The LME aluminium benchmark price slipped on Thursday, January 26, after three consecutive days of rise. While the LME aluminium cash bid price shrank by US$8.5 per tonne or 0.33 per cent to US$2,597 per tonne, the LME aluminium official settlement price contracted by US$8 per tonne to stand at US$2,598 per tonne.

However, the 3-month bid price and the 3-month offer price recorded an increase of US$2.50 per tonne and US$3.50 per tonne, respectively, to peg at US$2,640 per tonne and US$2,642 per tonne. December 24 bid price and December 24 offer price grew by US$7 per tonne to rest at US$2,780 per tonne and US$2,785 per tonne.

The LME aluminium opening stock accumulated 37,875 tonnes on Thursday, January 26, to amount to 419,425 tonnes, following a restraint on the previous day.

Live warrants hiked by 40,000 tonnes from 194,650 tonnes to 234,650 tonnes, while Cancelled warrants decreased by 2,125 tonnes from 186,900 tonnes to 184,775 tonnes.

The 3-month Asian Reference Price closed at US$2,659 per tonne, up by 3.50 per cent from US$2,655.50 per tonne.

SHFE aluminium price

The Shanghai Futures Exchange is closed for the Chinese New Year Holiday till January 27, 2023. The last data was recorded a week ago on January 20, when the SHFE price stood at US$2,801 per tonne, gaining US$5 per tonne from the former day.