LME benchmark aluminium price faces US$2.5/t spike; SHFE aluminium price descends by US$31/t

LME aluminium opened at US$2,361.5 per tonne on Thursday and closed at US$2,319.5 per tonne, down US$34.5 per tonne or 1.47 per cent.

On March 9, Thursday, the LME aluminium cash bid price slightly rose by US$2 per tonne or 0.09 per cent to clock at US$2,290 per tonne, and the LME aluminium official settlement price escalated by US$2.50 per tonne or 0.11 per cent, officially settling at US$2,291 per tonne. 

The 3-month bid price has refrained from any change, whereas the 3-month offer price has decreased by US$0.50 per tonne or 0.02 per cent, closing at US$2,335.50 per tonne.

December 24 bid price and December 24 offer price anchored at US$2,548 per tonne and US$2,553 per tonne yesterday, with a US$4 per tonne or 0.16 per cent fall.  

LME aluminium opening stock faced an inventory slash of 3,125 tonnes or 0.56 per cent to 551,175 tonnes from 554,300 tonnes recorded the day before.   

Live warrants totalled 452,850 tonnes, with no alteration from its position on March 8. Cancelled warrants read 108,325 tonnes, with a loss of 3,125 tonnes or 2.8 per cent.

The 3-month Asian Reference Price came in at US$2,344 per tonne after a subtraction of US$5.95 per tonne or 0.25 per cent.

SHFE aluminium price

On March 10, today, the SHFE aluminium benchmark price has been shelved at US$2,626 per tonne, with a drop of US$31 per tonne or 1.17 per cent.

The most-traded SHFE 2304 aluminium contract opened at RMB 18,475 per tonne overnight, with its session high at RMB 18,570 per tonne before closing at RMB 18,505 per tonne, down RMB 10 per tonne or 0.05 per cent.

The most-traded SHFE 2304 aluminium closed down 0.08 per cent or RMB 15 per tonne at RMB 18,495 per tonne, with open interest down 1,836 lots to 186,025 lots.