LME aluminium benchmark price rallies to 13-year high this week before closing at US$3355/t; SHFE price settles at US$3607/t

The LME aluminium benchmark price rallied to a 13-year high this week, driven by the Ukraine-Russia conflict fuelling reduced metal supply concerns. After starting the week on Monday, February 21, at US$3,313 per tonne and US$3,315 per tonne, LME aluminium cash bid price and LME aluminium official settlement price rose by over US$100 per tonne to stand at US$3,419 per tonne and US$3,420 per tonne, respectively. But on the next day, the prices slipped to US$3,323 per tonne and US$3,323.50 per tonne, which rebounded on Thursday, February 24, to US$3,518 per tonne and US$3,519 per tonne, record high since 2008. However, on Friday, both LME aluminium cash bid price and LME aluminium official settlement price closed the week lower at US$3,354 per tonne and US$3,355 per tonne.

3-month bid price and 3-month offer price opened the week at US$3,269 per tonne and US$3,270 per tonne, which increased the next day, February 22, to US$3, 366 per tonne and US$3,366.50 per tonne. But on Wednesday, February 23, the prices shrank to US$3,288 per tonne and US$3,290 per tonne; however, jumped to US$3,443 per tonne and US$3,445 per tonne on February 24. On Friday, February 25, 3-month bid price and 3-month offer price closed at US$3,312 per tonne and US$3,314 per tonne, respectively.

December 23 bid price and December 23 offer price settled at US$2,972 per tonne and US$2,977 per tonne, respectively, as of February 25.  

LME aluminium opening stock decreased from 843475 tonnes to 823125 tonnes throughout the week.

SHFE aluminium price

The aluminium benchmark price for SHFE stood at US$3,570 per tonne on Monday, February 21, which surged the next day by US$57 per tonne to US$3,627 per tonne. However, on February 23, the price decreased to US$3,611 per tonne, and further to US$3,519 per tonne on Thursday, February 24. On Friday, February 25, SHFE aluminium price gained US$88 per tonne to settle at US$3,607 per tonne.