LME aluminium opened at US$2,134 per tonne on Thursday and closed at US$2,232 per tonne, an increase of US$97 per tonne or 4.54 per cent.
Following the London Metal Exchange's announcement that it was contemplating preventing new Russian metals from entering the market, traders became concerned about supply constraints, which led to a dramatic increase in the price of aluminium and nickel on Thursday.
On Thursday, September 29, both LME aluminium cash bid price and LME aluminium official settlement price skyrocketed by US$181.5 per tonne or 8.73 per cent and US$181 per tonne or 8.70 per cent to record at US$2,260.50 per tonne and US$2,261 per tonne.
3-month bid price and 3-month offer price heightened by US$169 per tonne or 8.03 per cent and US$170 per tonne or 8.08 per cent to reside at US$2,271 per tonne and US$2,273 per tonne.
The LME released a statement after three persons with knowledge of the situation stated that the exchange intended to prohibit fresh deliveries of Russian metal to prevent the use of its warehouses to dispose of difficult-to-sell bullion.
December 23 bid price and December 23 offer price increased dramatically by US$160 per tonne or 7.23 per cent and 7.21 per cent to peg at US$2,373 per tonne and US$2,378 per tonne.
LME aluminium opening stock settled at 334100 tonnes. Live warrants and Cancelled warrants for the same day were recorded at 261300 tonnes and 72800 tonnes.
LME aluminium 3-month Asian Reference Price has surged by US$47.43 per tonne or 2.27 per cent, stopping at US$2,135.62 per tonne.
SHFE aluminium price
On Friday, September 30, LME aluminium benchmark price expanded by US$53 per tonne to come in at US$2,581 per tonne.
The most-traded SHFE 2211 aluminium closed up 0.08 per cent or RMB 15 per tonne to RMB 17,990 per tonne, with open interest down 2,715 lots to 179,159 lots.
The most-traded SHFE 2211 aluminium contract opened at RMB 18,430 per tonne overnight and rose to RMB 18,500 per tonne before closing at RMB 18,240 per tonne, up RMB 250 per tonne or 1.39 per cent.
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