LME aluminium price sets for 6th weekly gain; SHFE price grows to US$2,845/t

LME aluminium opened at US$2,610 per tonne in the previous trading day, with its high and low at US$2,684 per tonne and US$2,608.5 per tonne, respectively, before closing at US$2,660.5 per tonne, up US$50.5 per tonne or 1.93 per cent.

On Friday, April 19, most non-ferrous metals, notably the LME aluminium, were poised for a sixth consecutive weekly increase. This rise was fuelled by supply apprehensions resulting from sanctions imposed on Russian metal exports.

As per the LME data, both LME aluminium cash bid price and LME aluminium official settlement price surged by US$45.5 per tonne or 1.75 per cent to settle at US$2,645 per tonne and US$2,645.50 per tonne.

On the same day, both 3-month bid price and 3-month offer price also soared by US$63 per tonne or 2.43 per cent to peg at US$2,654.50 per tonne and US$2,655 per tonne. December 25 bid price and December 25 offer price hiked by US$49 per tonne or 1.81 per cent to settle at US$2,742 per tonne and US$2,747 per tonne.

LME aluminium opening stock came in at 504000 tonnes. Live warrants and Cancelled warrants settled at 171200 tonnes and 332800 tonnes. LME aluminium 3-month Asian Reference Price showed no change to settle at US$2,599.17 per tonne.

SHFE aluminium price 

The Shanghai Futures Exchange (SHFE) aluminium benchmark price also gained US$24 per tonne to clock at US$2,845 per tonne. Last Friday night, the most-traded SHFE 2406 aluminium contract opened at RMB 20,380 per tonne, with its lowest and highest at RMB 20,380 per tonne and RMB 20,560 per tonne before closing at RMB 20,475 per tonne, up RMB 95 per tonne or 0.47 per cent.