The London Metal Exchange market has shown a sudden upward streak, on March 20, with the LME aluminium cash bid price closing at US$2,231 per tonne and the LME aluminium official price halting at US$2,231.50 per tonne, gaining US$29 per tonne or 1.32 per cent.
If the LME aluminium price on March 20, last year is taken into account, there can be seen a Year-on-Year minor drop of US$6 per tonne or 0.27 per cent, indicating a stable bearish pull overall with not much variation in range.
As per the LME data, both 3-month bid price and 3-month offer price added US$28 per tonne or 1.24 per cent to officiate at US$2,282 per tonne and US$2,283 per tonne, respectively.
On the same day, both December 25 bid price and December 25 offer price heightened by US$28 per tonne or 1.13 per cent to peg at US$2,495 per tonne and US$2,500 per tonne. LME aluminium opening stock arrived at 566,325 tonnes, with a loss of 100 tonnes. Live warrants and Cancelled warrants stood at 344250 tonnes and 222075 tonnes.
LME aluminium 3-month Asian Reference Price has spiked by US$4.16 per tonne or 0.18 per cent to halt at US$2,270.17 per tonne.
SHFE aluminium price
On March 21, the SHFE aluminium price soared by US$18 per tonne or 0.67 per cent to reach US$2,694 per tonne. When the aluminium price on the same day last year is considered, we can find a measurable Year-on-Year influx of US$53 per tonne or 2 per cent from US$2,641 per tonne recorded that day.
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