LME benchmark aluminium price soars by US$33/t; SHFE aluminium rises for three days straight to US$2543/t

On Tuesday, July 11, the LME aluminium cash bid price and LME official settlement price halted at US$2,128.50 per tonne and US$2,129 per tonne, with a 1.57 per cent or US$33 per tonne upward growth. 

The LME aluminium spot price has suffered quite a lot with uncertain fluctuations all the way in July, but on Tuesday, it standardised itself, and the week’s projection might be on the higher side. 

The 3-month bid price surged by US$34 per tonne or 1.58 per cent to close at US$2,179 per tonne, and the 3-month offer price stood at US$2,179.50 per tonne, with a similar increase in spot prices. 

December 24 bid price and December 24 offer price both gained US$29 per tonne or 1.26 per cent to officially settle at US$2,332 per tonne and US$2,337 per tonne, respectively. 

LME aluminium opening stock decreased by 0.44 per cent or 2,350 tonnes, officially closing at 531,725 tonnes from 534,075 tonnes recorded the previous day. 

Live warrants read 272,950 tonnes, with a slump of 1,350 tonnes or 0.49 per cent. Cancelled warrants stood at 258,775 tonnes, tanking by 1,000 tonnes or 0.38 per cent. 

The 3-month Asian Reference Price closed at US$2,178.06 per tonne, rising by US$30.77 per tonne or 1.43 per cent.

SHFE aluminium price

Today, on July 12, the SHFE aluminium spot price is standing at US$2,543 per tonne, with a US$4 per tonne or 0.16 per cent acceleration. The SHFE aluminium price trends have been on the healthy side since July 10, with the aluminium spot price ranging between US$2,511 per tonne (July 7) and US$2,539 per tonne (July 11). 

SHFE 2307 aluminium added RMB 595 per tonne or 3.38 per cent to RMB 18,185 per tonne. The open interest fell 11,785 lots to 256,640 lots.