LME aluminium opened at US$2,393.5 per tonne yesterday, with its high and low at US$2,394.5 per tonne and US$2,353.5 per tonne, respectively, before closing at US$2,367 per tonne, a decrease of US$28 per tonne or 1.17 per cent.
The LME aluminium live price chart, on December 28, witnessed an uptrend in aluminium prices, with the LME aluminium cash bid price and the LME aluminium official price escalating by US$20 per tonne or 0.87 per cent to officially close at US$2,313 per tonne and US$2,313.50 per tonne.
On a year-on-year scale, there has been a downfall of US$29.50 per tonne or 1.26 per cent from US$2,343 per tonne recorded on December 28, last year. On September 28, the LME aluminium price was US$2,232 per tonne, which soared by US$81.50 per tonne or 3.65 per cent to reach what it is today. This suggests that the market was a bit sluggish nearing the end of 2022 but gained pace during 2023’s start, recording the highest price on January 18 at US$2,636 per tonne.
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However, LME recently announced the introduction of new metal contracts in accordance with SHFE prices, which might help strengthen the European aluminium sector since China is the leading producer and consumer of aluminium products.
LME aluminium market price analogy
The London Metal Exchange graph flashed that the 3-month bid price and the 3-month offer price increased by US$21 per tonne or 0.89 per cent, stopping at US$2,366 per tonne and US$2,367 per tonne, respectively.
The December 24 bid price and the December 24 offer price closed at US$2,480 per tonne and US$2,485 per tonne, gaining US$23 per tonne or 0.93 per cent.
LME stocks and warrants
LME aluminium opening stock added 27,325 tonnes or 5.22 per cent, officially resting at 551,050 tonnes. Live warrants stood at 356,125 tonnes, augmenting by a massive 27,350 tonnes or 8.32 per cent. Cancelled warrants halted at 194,925 tonnes, plunging by 25 tonnes or 0.01 per cent.
LME aluminium 3-month Asian Reference Price settled at US$2,381.71 per tonne, up US$64.60 per tonne or 2.79 per cent.
SHFE aluminium price
Today, on December 29, the Shanghai Futures Exchange (SHFE) aluminium price chart noted a slump of US$4 per tonne or 0.14 per cent to close at US$2,756 per tonne. On a year-on-year basis, we can calculate a US$69 per tonne or 2.57 per cent surge from US$2,687 recorded on December 29, last year.
The most-traded SHFE 2402 aluminium contract opened at RMB 19,445 per tonne overnight, with its low and high at RMB 19,375 per tonne and RMB 19,500 per tonne before closing at RMB 19,475 per tonne, down RMB 75 per tonne or 0.38 per cent.
SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.
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