Overnight, LME 3M aluminium opened at US$2,430 per tonne, with a high of US$2,506 per tonne and a low of US$2,418 per tonne, closing at US$2,476 per tonne, up US$30.5 per tonne or 1.25 per cent.
On Tuesday, August 20, both the LME aluminium cash bid price and LME aluminium official settlement price hit a five-week high driven by a shortage of alumina, a key raw material for aluminium production in leading producer China, coupled with a weakening dollar that spurred fund buying.
The price yesterday had augmented by US$65 per tonne or 2.74 per cent and US$65.5 per tonne or 2.76 per cent to clock at US$2,434 per tonne and US$2,435 per tonne. As per the LME price graph, 3-month bid price and 3-month offer price expanded by US$55.5 per tonne or 2.30 per cent to peg at US$2,466 per tonne and US$2,466.50 per tonne.
December 25 bid price and December 25 offer price surged by US$53 per tonne or 2.07 per cent to halt at US$2,603 per tonne and US$2,608 per tonne. LME aluminium opening stock came in at 881450 tonnes.
Live warrants and Cancelled warrants 346625 tonnes and 534825 tonnes. LME aluminium 3-monh Asian Reference Price gained US$44.72 per tonne or 1.87 per cent to dock at US$2,434.54 per tonne.
SHFE aluminium price
On Wednesday, August 22, the SHFE aluminium benchmark price has ascended by US$28 per tonne or 1.01 per cent to arrive at US$2,777 per tonne. Overnight, the most-traded SHFE aluminium 2410 contract opened at RMB 19,840 per tonne, reaching a high of RMB 19,855 per tonne and a low of RMB 19,665 per tonne, closing at RMB 19,695 per tonne, up RMB 20 per tonne or 0.1 per cent.
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