LME aluminium price rallies by US$54/t to close at US$2451/t; SHFE price edges a US$21/t hike

Three-month LME aluminium opened at US$2,458 per tonne on Wednesday and closed at US$$2,489 per tonne, an increase of US$26 per tonne or 1.06 per cent.

On Wednesday, January 11, both the LME aluminium cash bid price and the LME aluminium official settlement price recorded a surge for the third day in a row. While the former rallied by US$55.50 per tonne to peg at US$2,450.50 per tonne, the latter hiked by US$54 per tonne to settle at US$2,451 per tonne.

The 3-month bid price and 3-month offer price climbed up by US$56 per tonne and US$55 per tonne, respectively, to hover around US$2,486 per tonne and US$2,487 per tonne. December-24 bid price and December-24 offer price closed at US$2,665 per tonne and US$2,670 per tonne, up by US$53 per tonne from the previous day.

LME aluminium opening stock continued to decline by 5,175 tonnes to clock at 413,700 tonnes. Live Warrants and Cancelled Warrants totalled 195,575 tonnes and 218,125 tonnes, respectively.

3-month Asian Reference Price built up US$32.50 per tonne or 1.34 per cent to rest at US$2,456.50 per tonne.

SHFE aluminium price 

On Thursday, January 12, the SHFE aluminium benchmark price has extended its growth by US$21 per tonne, reaching US$2,704 per tonne. 

The most-traded SHFE 2302 aluminium contract opened at RMB 18,310 per tonne overnight before closing at RMB 18,365 per tonne, up RMB 130 per tonne or 0.71 per cent.

The most-traded SHFE 2302 aluminium closed up 0.55 per cent or RMB 100 per tonne at RMB 18,245 per tonne, with open interest down 20,624 lots to 129,055 lots.