LME aluminium price settles at US$2/t higher than the earlier trading day; SHFE price marks weekly growth of US$8/t

Last Friday, LME aluminum opened at US$2,526.50 per tonne, reached a high of US$2,557 per tonne, a low of US$2,521.50 per tonne, and closed at US$2,539.50 per tonne, registering an increase of US$12.50 per tonne from the previous closing price.

The LME aluminium prices expanded further on Friday, July 5, albeit at a slower pace than the previous day. While LME aluminium cash bid price increased by US$2.50 per tonne to US$2.495 per tonne, LME aluminium official settlement price grew by US$2 per tonne to US$2,495.50 per tonne.

Compared to the data of a month ago, the present LME aluminium benchmark price is 3.16 per cent or US$ 81.50 per tonne less than US$2,577 per tonne.

On July 5, 3-month bid price and 3-month offer price gained US$4 per tonne to close the week at US$2,544 per tonne and US$2,545 per tonne, respectively. December-25 bid and December-25 offer price stood at US$2,688 per tonne and US$2,693 per tonne, up by US$5 per tonne from the previous day.

LME aluminium opening stock amounted to 999,725 tonnes versus 1004825 tonnes on July 4. Live Warrants and Cancelled Warrants stood at 451,400 tonnes and 548,325 tonnes. While the former plunged by 15,000 tonnes, the latter climbed up by 9,900 tonnes from the earlier day.

In contrast to the LME aluminium official settlement price, LME aluminium 3-month Asian Reference Price shrank by US$15.01 per tonne to peg at US$2,528 per tonne.

SHFE aluminium price

The SHFE aluminium benchmark price initiated the week on July 8 inching up by US$1 per tonne to stand at US$2,791 per tonne. On a week-on-week basis, the price has edged an increase of US$8 per tonne from US$2,783 per tonne, but on a month-on-month calculation, the price has recorded a plunge of about US$139 per tonne from US$2,930 per tonne.

Last Friday night, the most-traded SHFE aluminum 2408 contract opened at RMB 20,400 per tonne, reached a high of US$20,480 per tonne, a low of RMB 20,365 per tonne, and closed at RMB 20,415 per tonne, up RMB 115 per tonne from the previous trading day, with a gain of 0.57 per cent.