LME aluminium price negates US$37.5/t to close at US$2147.5/ t; SHFE aluminium price gains 1.38% mid-week

LME aluminium opened at US$2,195.50 per tonne on Tuesday, with its low and high at US$2,180 per tonne and US$2,236 per tonne respectively before closing at US$2,223.50 per tonne, up 1.21 per cent.

The London Metal Exchange market on February 20 showed down pouring traits, wherein the LME aluminium cash bid price and the LME aluminium official price stood at US$2,147 per tonne and US$2,147.50 per tonne, respectively, with a plunge of US$37.50 per tonne or 1.72 per cent. 

The LME aluminium market has been volatile owing to the overburdening of Russian stocks in LME warehouses. The future outlook seems quite uncertain amidst the call for CBAM and other regulatory trade measures. 

The LME aluminium 3-month bid price halted at US$2,183 per tonne, and the 3-month offer price stood at US$2,183.50 per tonne with a uniform decline of US$20 per tonne or 0.91 per cent. 

The LME 25 December bid price and LME 25 December offer price have stopped at US$2,400 per tonne and US$2,405 per tonne, with a loss of US$22 per tonne or 0.91 per cent. 

The LME opening stock arrived at 564,675 tonnes, down 2.74 per cent. Live stocks reached 376,800 tonnes after gaining 5.46 per cent, while cancelled warrants discarded 2.3 per cent to close at 187,875 tonnes. 

The LME Asian Reference price slumped by US$24.25 per tonne or 1.09 per cent to officiate at US$2,188.52 per tonne. 

SHFE aluminium price market 

Today, on February 21, the SHFE aluminium price has registered a rate of US$2,636 per tonne, up 1.38 per cent or US$36 per tonne. The SHFE aluminium market had slumped by US$14 per tonne over the Chinese New Year (CNY) Holidays to open at US$2,622 per tonne on February 19. 

However, with an interval of just one day, the SHFE price stabilised to reveal the exact amount it marked before the holidays on February 8. 

Overnight, the most-traded SHFE 2404 aluminium contract opened at RMB 18,675 per tonne, with high and low at RMB 19,070 per tonne and RMB 18,655 per tonne before closing at RMB 19,070 per tonne, up 1.95 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.