LME aluminium price soared this week by US$104/t to close at US$2919.50/t; SHFE price settled at US$3278/t

The London Metal Exchange opened this week on Tuesday, January 4, with LME aluminium cash (bid) price and LME aluminium official settlement price surge by US$9.50 per tonne to US$2,815 per tonne and US$2,815.50 per tonne, respectively. On January 5, the same prices soared by US$50.50 per tonne or 1.8 per cent to close at US$2,865.50 per tonne and US$2,866 per tonne. Continuing the price hike as operations at many smelters are cut, LME aluminium cash (bid) price and LME aluminium official settlement reached US$2,912 per tonne and USS$2,912.50 per tonne, up by US$46.50 per tonne from the previous day. The prices grew further on Friday, January 7, to close the week at US$2,919 per tonne and US$2,919.50 per tonne.

3-month bid price and 3-month offer price started the week on January 4 at US$ US$2,822 per tonne and US$2,823 per tonne, which expanded the next day to US$2,883 per tonne and US$2,885 per tonne. On Thursday, January 6, the prices settled even higher at US$2,922.50 per tonne and US$2,923.50 per tonne, and close the week on January 7 at US$2,930 per tonne and US$2,932 per tonne.

December 22 bid price and December 22 offer price opened the week at US$2,590 per tonne and US$2,595 per tonne and closed the week higher at US$2,682 per tonne and US$2,687 per tonne.

LME aluminium opening stock decreased from 934375 tonnes to 916875 tonnes throughout the week.

SHFE Aluminium Price Trend

On Tuesday, January 4, the benchmark aluminium price for SHFE decreased by US$22 per tonne to stand at US$3,175 per tonne, following three consecutive days of hike from December 29 to 31. On January 5, the price increased by US$8 per tonne to close at US$3,183 per tonne. On Thursday, the SHFE price soared by US$57 per tonne to US$3,240 per tonne, and closed the week even higher at US$3,278 per tonne on Friday, January 7.