LME aluminium on rise again settling at US$3606/t; SHFE taking off at US$3616/t

LME aluminium opened at US$3,616.5 per tonne on Monday and closed at US$3,605 per tonne, down US$20 per tonne or 0.55 per cent.

LME aluminium cash bid price stood at US$3,604 per tonne and LME aluminium official settlement price halted at US$3,606, with a rise of 0.61 per cent and 0.64 per cent respectively, if compared with the records of the week before.

The 3-month bid price of aluminium increased by US$25 per tonne or 0.69 per cent to rest at US$3,615 per tonne. On the other hand 3-month offer price had a 0.71 per cent rise resting at US$3,616 per tonne.

From data collected the same day, December 23 bid price stood at US$3,425 per tonne and December23 offer price at US$3,430, both witnessing an upward swing of 1.33 per cent.

LME aluminium opening stock continued to decrease from 678,100 tonnes to 671,025 tonnes or 1.04 per cent as of March 28^th. Live warrants totalled 443,050 tonnes recording a rise of 4,150 tonnes and Cancelled warrants declined by 11,225 tonnes resting at 227,975 tonnes.

The LME aluminium 3-month Asian Reference Price escalated by 0.48 per cent to stop at US$3,604 per tonne.

With the given scenario, it can be easily inferred that the production is less yet demand is higher than ever. Aluminium is one of the most sustainable and recyclable product on the planet and many companies are trying to incorporate the idea of a greener and carbon-free world.

SHFE aluminium price 

As of Tuesday, March 29th, the benchmark aluminium price for SHFE has risen by US$17 per tonne or 0.47 per cent to stand at US$3,616 per tonne.

Overnight, the most-traded SHFE 2205 aluminium contract opened at RMB 22,960 per tonne, with the highest and lowest prices at RMB 23,095 per tonne and RMB 22,940 per tonne before closing at RMB 22,980 per tonne, down RMB 30 per tonne or 0.13 per cent.

The most-traded SHFE 2205 aluminium closed down 0.11 per cent or RMB 25 per tonne to RMB 23,030 per tonne, with open interest down 4,727 lots to 238,259 lots.