LME benchmark aluminium price tumbles by US$3/t to US$2232/t; SHFE price ascends US$31/t

LME aluminium opened at US$2,275 per tonne on Wednesday, with its high and low at US$2,285 per tonne and US$2,261 per tonne respectively before closing at US$2,285 per tonne, an increase of US$15.5 per tonne or 0.68 per cent.

On March 22, Wednesday, the LME aluminium cash bid price and the LME aluminium official settlement price slipped by US$3 per tonne or 0.13 per cent to halt at US$2,231.50 per tonne and US$2,232 per tonne. The LME aluminium price has been on a fluctuating spree this month with no sudden spikes and the average prices ranging between US$2,366.50 per tonne and US$2,232 per tonne.

The 3-month bid price dived down by US$2 per tonne or 0.09 per cent, stopping at US$2,282 per tonne, whereas the 3-month offer price dropped US$3.50 per tonne or 0.15 per cent, closing at US$2,282.50 per tonne.

December 24 bid price and December 24 offer price halted at US$2,497 per tonne and US$2,502 per tonne with a fall of US$3 per tonne or 0.11 per cent.

LME aluminium opening stock witnessed a downward trend losing 550 tonnes or 0.1 per cent to 541,325 tonnes from 541,875 tonnes recorded the day before.     

Live warrants totalled 431,900 tonnes, with 4,025 tonnes or a 0.92 per cent decline. Cancelled warrants read 109,425 tonnes, with a gain of 3,475 tonnes or 3.28 per cent.

The 3-month Asian Reference Price came in at US$2,272.96 per tonne after a fall of US$5.10 per tonne or 0.22 per cent.

SHFE aluminium price

On March 23, today, the SHFE aluminium benchmark price has settled at US$2,676 per tonne, soaring by US$31 per tonne or 0.17 per cent.

Overnight, the most-traded SHFE 2305 aluminium contract opened at RMB 18,210 per tonne, with its lowest and highest at RMB 18,170 per tonne and RMB 18,280 per tonne before closing at RMB 18,260 per tonne, up RMB 110 per tonne or 0.61 per cent.

The most-traded SHFE 2304 aluminium closed up 0.22 per cent or RMB 40 per tonne at RMB 18,150 per tonne, with open interest up 12,004 lots to 220,177 lots.