LME aluminium price surged by US$124.50/t this week to settle at US$2624/t; SHFE price grew 1.72% to US$3077/t

LME aluminium cash (bid) price and LME official settlement price trended up this week by US$ 124.50 per tonne, with one intermittent drop. Starting the week at US$ 7.50 per tonne higher at US$ 2,499.50 per tonne on Monday, July 26, both LME aluminium cash (bid) price and LME official settlement price inched down to US$ 2,497.50 per tonne on July 27. On Wednesday, July 28, the prices exceeded US$ 2,500 per tonne to stand at US$ 2,516 per tonne and further grew on July 29 to US$ 2,556.50 per tonne. To close the week on Friday, July 30, the prices gained US$ 67.50 per tonne to US$ 2,624 per tonne.

 3-months bid price and 3-months offer price jumped by US$ 210.50 per tonne through the week. The prices stood at US$ 2,408.50 per tonne on July 26, which increased sharply by US$ 83.50 per tonne on the subsequent day to come in at US$ 2,492 per tonne. On Wednesday, July 28, both 3-months bid price and 3-months offer price rose by US$ 12 per tonne to close at US$ 2,504 per tonne. On Thursday, the prices further grew to US$ 2,545.50 per tonne and stood even higher on Friday, July 30, at US$ 2,571.50 per tonne.

Dec 22 bid price and Dec 22 offer price increased from US$ 2,489 per tonne on Monday, July 26, to US$ 2,571.50 per tonne on Friday, July 30.

LME aluminium opening stock continued to decrease from 1416775 tonnes to 1387800 tonnes this week.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE also showed a bullish trend ranging between US$ 3,025 per tonne and US$ 3,077 per tonne during July 26-30. Starting the week at US$ 3,025 per tonne, SHFE aluminium price grew to US$ 3,036 per tonne on July 27. However, on Wednesday, July 28, the price fell to US$ 2,984 per tonne but rebounded the next day to US$ 3,019 per tonne. On Friday, July 30, SHFE aluminium price closed the week higher at US$ 3,077 per tonne.