LME aluminium price nears US$2500/t; SHFE price climbs by US$11/t to reach at US$ 3036/t

Three-month LME aluminium closed 0.16 per cent lower at US$ 2,504 per tonne in the overnight trading yesterday, with open interest decreasing 1,056 lots to 665,000 lots, and is expected to trade between US$ 2,470-2,530 per tonne.

LME aluminium cash (bid) price and LME official settlement price continued to grow for the fourth day in a row by US$ 7.50 per tonne to come in at US$ 2,499.50 per tonne on Monday, July 26. 3-months bid price and 3-months offer price climbed by US$ 4.50 per tonne to stand at US$ 2,408.50 per tonne. Dec 22 bid price and Dec 22 offer price grew from US$ 2,482.50 per tonne to US$ 2,489 per tonne.

LME aluminium opening stock continued to decrease from 1423525 tonnes to 1416775 tonnes. Live Warrants totalled 845500 tonnes, while Cancelled Warrants closed at 571275 tonnes.

LME aluminium 3-months Asian Reference Price hovered around US$ 2504.47 per tonne as of July 26.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE further gained US$ 11 per tonne to reach at US$ 3,036 per tonne as of Tuesday, July 27.

The most-traded SHFE 2109 aluminium closed up 1.14 per cent or RMB 220 per tonne at RMB 19550 per tonne.

The most-active SHFE 2109 aluminium contract gained 0.64 per cent to end at RMB 19,675 per tonne last night, with open interest up 7,496 lots to 294,000 lots. SHFE aluminium is expected to trade between RMB 19,100-19,800 per tonne today, and aluminium spot is likely to trade at discounts between RMB 50-20 per tonne in east China.