LME aluminium on rise again settling at US$3443.50/t, SHFE gains 2% closing at US$3481/t

LME aluminium opened at US$3,436 per tonne on Wednesday and closed at US$3,443.5 per tonne, an increase of US$12 per tonne or 0.35 per cent.

LME aluminium cash bid price stood at US$3,443 per tonne and LME aluminium official settlement price halted at US$3,443.50, with a rise of 0.85 per cent and 0.83 per cent respectively, if compared with records of the previous day.

The 3-month bid price of aluminium increased by US$26 per tonne or 0.75 per cent to rest at US$3,466 per tonne. On the other hand 3-month offer price faced the same percentage rise resting at US$3,467 per tonne.

From the LME official price chart of Wednesday, December 23 bid price stood at US$3,355 per tonne and December23 offer price at US$3,360, both witnessing an upward swing of 2.47 per cent or US$15.

LME aluminium opening stock continued to decrease from 623,325 tonnes to 619,875 tonnes or 0.55 per cent as recorded on 6^th April. Live warrants totalled 409,750 tonnes recording a fall of 4,975 tonnes and Cancelled warrants rose by 1,525 tonnes resting at 210,125 tonnes.

The LME aluminium 3-month Asian Reference Price dropped by 0.33 per cent to stop at US$3,440.50 per tonne.

Prevailing circumstances of war are extremely harmful for the commodity market as people are striving hard to cope with the rising price of crude oil and other natural resources. Russia’s ‘goodwill gesture’ towards Ukraine might bring some positive answer about when will the war finally end. But until then the market shall remain unstable and at times even unpredictable.

SHFE aluminium price 

As of Thursday, April 7^th, the benchmark aluminium price for SHFE has risen by US$71 per tonne or 2 per cent to stand at US$3,481 per tonne.

The most-traded SHFE 2205 aluminium contract opened at RMB 22,580 per tonne overnight and fell to RMB 22,120 per tonne before closing at RMB 22,190 per tonne, down RMB 350 per tonne or 1.55 per tonne.

The most-traded SHFE 2205 aluminium closed down 0.9 per tonne or RMB 205 per tonne to RMB 22,540 per tonne, with open interest down 623 lots to 195,601 lots.