LME aluminium price dips by US$1/t to come around the previous month’s level; SHFE adds US$14/t

The LME aluminium cash bid price and LME aluminium official settlement price dipped by US$1 per tonne to come around the same prices as the previous month. While the former derived at US$2,182 per tonne on March 4, the latter came in at US$2,182.50 per tonne.

During the same period last year, the LME aluminium benchmark price was at a similar level at US$2,183.50 per tonne. But compared to the same period in January, the benchmark price stood 2.37 per cent lower than US$2,235.50 per tonne.  

On a year-on-year basis, the LME aluminium benchmark price on March 4 marked about a 7.5 per cent fall. Overall, the LME price is on a downtrend, attributed to inventory hikes. In contrast to a year ago, the LME aluminium opening stock stood about 4.32 per cent higher at 586600 tonnes on Monday, March 4.

On the same day, Live Warrants and Cancelled Warrants stood at 356475 tonnes and 230125 tonnes, respectively. The LME aluminium 3-month Asian Reference Price reached US$2,231.64 per tonne, up by 0.67 per cent from US$2,216.75 per tonne on the previous day.