LME aluminium price edges a hike of US$88.5/t after three consecutive days of decline; SHFE price expands to US$3472/t

LME aluminium opened at US$3,288 per tonne on Wednesday, March 16, and closed at US$3,265.50 per tonne, down by US$33.50 per tonne or 1.02 per cent.

After the three consecutive days of decline from US$3,535 per tonne to US$3,217.50 per tonne, LME aluminium prices recorded a rise on Wednesday, March 16.  Both LME aluminium cash bid price and LME aluminium official settlement price augmented by US$88.50 per tonne to stand at US$3,305 per tonne and US$3,306 per tonne, respectively. On the same day, 3-month bid price and 3-month offer price rose by US$73 per tonne to settle at US$3,325 per tonne and US$3,327 per tonne. December 23 bid price and December 23 offer price showed no exception but edged a hike of US$29 per tonne to close at US$3,122 per tonne and US$3,127 per tonne.

LME aluminium opening stock recorded lower at 733900 tonnes. Live warrants remained the same at 476450 tonnes, while Cancelled warrants further declined to 257450 tonnes.

LME aluminium 3-month Asian Reference Price grew by US$25.29 or 0.76 per cent to register at US$3,345.46 per tonne.

SHFE aluminium price     

The benchmark aluminium price for SHFE on Thursday, March 17, expanded by US$57 per tonne or 1.67 per cent to peg at US$3,472 per tonne.

The most-traded SHFE 2204 aluminium closed up 1.08 per cent or RMB 235 per tonne to stand at RMB 21,960 per tonne, with open interest down 10,477 lots to 129,818 lots.

Overnight, the most-traded SHFE 2205 aluminium contract opened at RMB 22,005 per tonne, with the highest and lowest prices at RMB 22,235 per tonne and RMB 21,890 per tonne before closing at RMB 21,940 per tonne, up RMB 240 per tonne or 1.11 per cent.