LME aluminium price surges by US$43.5/t over the weekend to US$2,321/t; SHFE price closes at US$2,650/t

LME aluminium opened at US$2,327 per tonne on Tuesday, with its high and low at US$2,338.5 per tonne and US$2,293 per tonne, respectively, before closing at US$2,315 per tonne, a drop of US$3.5 per tonne or 0.15 per cent.

On Tuesday, May 9, both LME aluminium cash bid price and LME aluminium official settlement price scored at US$2,320 per tonne and US$2,321 per tonne. Over the weekend, the prices had surged by US$43 per tonne or 1.88 per cent and US$43.5 per tonne or 1.90 per cent.

3-month bid price and 3-month offer price hiked by US$36 per tonne or 1.57 per cent and US$35 per tonne or 1.52 per cent to settle at US$2,326 per tonne and US$2,327 per tonne.

For the same day, December 24 bid price and December 24 offer price clocked at US$2500 per tonne and US$2505 per tonne.

LME aluminium opening stock settled at 561450 tonnes. Live warrants and Cancelled warrants closed at 489125 tonnes and 72325 tonnes.

LME aluminium 3-month Asian Reference Price resided at US$2306.46 per tonne.

SHFE aluminium price

On May 10, SHFE aluminium price showed no change to stand at US$2,650 per tonne.

SHFE 2306 aluminium closed down by RMB 155 per tonne or 0.84 per cent at RMB 18,275 per tonne. The open interest rose 2,366 lots to 200,441 lots.

Overnight, the most-traded SHFE 2306 aluminium contract opened at RMB 18,325 per tonne, with the highest and lowest prices at RMB 18,345 per tonne and RMB 18,260 per tonne before closing at RMB 18,300 per tonne, down RMB 10 per tonne or 0.05 per cent.