LME benchmark aluminium price jumps US$11/t at the start of May; SHFE remains closed for Worker’s Day

On May 2, Tuesday, the LME aluminium cash bid price came in at US$2,352.50 per tonne, with a gain of US$12.50 per tonne or 0.53 per cent and the LME aluminium official settlement price settled at US$2,353 per tonne, moving up US$11 per tonne or 0.47 per cent. 

The 3-month bid price saw US$11 per tonne or 0.47 per cent growth to settle at US$2,353 per tonne as well, and the 3-month offer price also had a similar spike, resting at US$2,355 per tonne.

December 24 bid price and December 24 offer price halted at US$2,523 per tonne and US$2,528 per tonne, with a rise of US$1 per tonne or 0.04 per cent.

LME aluminium opening stock witnessed a decline of 2,300 tonnes or 0.4 per cent to anchor at 566,200 tonnes.     

Live warrants totalled 491,675 tonnes, recording no alteration from the week before May 1, International Worker’s Day. Cancelled warrants read 74,525 tonnes, with 2,300 tonnes or a 2.99 per cent loss.

The 3-month Asian Reference Price came in at US$2,365.07 per tonne after an addition of US$48.19 per tonne or 2.08 per cent.

SHFE aluminium price

On May 2, the SHFE was closed, honouring Worker’s Day and shall remain closed today, May 3. The market will open on Thursday, and the pricing will be listed as usual. 

It has been noticed how SHFE aluminium prices were on a gradual path of decline at the end of April, reaching US$2,670 per tonne last Friday, April 28, with a steep fall of US$81 per tonne or 2.94 per cent on a Week-on-Week basis, from April 21.