On Monday, February 26, LME aluminium opened at US$2,182 per tonne, with its high and low at US$2,195 per tonne and US$2,175 per tonne, respectively, before closing at US$2,182 per tonne, down 0.09 per cent.
According to the LME data, LME aluminium cash bid price and LME aluminium official settlement price plunged for the third day in a row. Both the prices shrank by US$16.50 per tonne or 0.77 per cent to initiate the week at US$2,140 per tonne and US$2,140.50 per tonne, respectively.
With this fall, the prices hit a one-month low on Monday, attributed to an inventory surge in Shanghai and the withdrawal of sanctions by the United States on Russian metal.
On the same day, the 3-month bid price and 3-month offer price slipped by US$11.50 per tonne to come in at US$2,185 per tonne and US$2,185.50 per tonne. December-25 bid price and December-25 offer price decreased by US$13 per tonne to settle at US$2,402 per tonne and US$2,407 per tonne.
LME aluminium opening stock stood at 581,800 tonnes, up by 1,525 tonnes from the previous day. Live Warrants increased by 3,050 tonnes to 382,950 tonnes, while Cancelled Warrants decreased by 1,525 tonnes to 198,850 tonnes.
LME aluminium 3-month Asian Reference Price declined by 0.86 per cent to close the day at US$2,188.32 per tonne as of February 26.
SHFE aluminium price
The SHFE aluminium benchmark price ascended by US$14 per tonne to reach US$2,619 per tonne on Tuesday, February 27.
Overnight, the most-traded SHFE 2404 aluminum contract opened at RMB 18,800 per tonne, with high and low at RMB 18,850 per tonne and RMB 18,765 per tonne before closing at RMB 18,785 per tonne, down RMB 10 per tonne or 0.05 per cent.
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