LME aluminium price recorded growth this week to US$1515/t; SHFE increased to US$1864/t

The US dollar started the week on May 25 with a hike against a basket of rivals. On Tuesday, the dollar slipped as risk sentiment returned to the market amid a reopening world economy and subdued demand for the safe-haven currency. On Wednesday and Thursday, it plunged further to a two-month trough against a basket of currencies.

On Monday, May 25, the London Metal Exchange was closed for spring bank holiday. On Tuesday, the three-month LME aluminium climbed and found steady support from US$ 1,520 per tonne ending the day 1.2 per cent higher at US$ 1,521.5 per tonne. On Wednesday, it advanced to US$1,534 per tonne and hit a two-month peak of US$1,541 per tonne on Thursday, May 28.

This week during May 25-29, both LME aluminium cash (bid) price and LME official settlement price edged higher between US$ 1486 per tonne and US$ 1515 per tonne. On Tuesday, May 26, they stood at US$ 1486 per tonne, registering a hike of US$ 13 per tonne from US$ 1473 per tonne on Friday, May 22. On Wednesday, the prices grew further higher to US$ 1504 per tonne, while on Thursday, May 28, it fell to US$ 1500.50 per tonne. On Friday, however, the prices rebounded at US$ 1515 per tonne.

On Tuesday, May 26, 3-months bid price and 3-months offer price increased from US$ 1498.50 per tonne on May 22 to US$ 1513 per tonne. Extending the rise, they stood at US$ 1527.50 per tonne on Wednesday, May 27. On Thursday, May 28, both the prices stood down at US$ 1524 per tonne, while on Friday, May 29, grew again to US$ 1536.50 per tonne. Dec 21 bid price and Dec 21 offer price also grew throughout the week ranging between US$ 1629.50 per tonne and US$ 1647.50 per tonne.

The LME aluminium opening stock hovered between 1479000 tonnes and 1500900 tonnes. While Live Warrants grew from 1251350 tonnes to 1282050 tonnes, Cancelled Warrants dropped from 227650 tonnes to 218850 tonnes over the week.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE stood at US$ 1839 per tonne on Monday, May 25. On Tuesday, May 26, it increased to US$ 1854 per tonne, but on Wednesday, May 27, it plunged to US$ 1847 per tonne. However, it grew again on Thursday, May 28, to US$ 1859 per tonne and then to US$ 1864 per tonne on Friday, May 29.