LME aluminium price sets for 6th weekly gain; SHFE price grows to US$2,845/t

On Friday, April 19, most non-ferrous metals, notably the LME aluminium, were poised for a sixth consecutive weekly increase. This rise was fuelled by supply apprehensions resulting from sanctions imposed on Russian metal exports.

As per the LME data, both LME aluminium cash bid price and LME aluminium official settlement price surged by US$45.5 per tonne or 1.75 per cent to settle at US$2,645 per tonne and US$2,645.50 per tonne.

On the same day, both 3-month bid price and 3-month offer price also soared by US$63 per tonne or 2.43 per cent to peg at US$2,654.50 per tonne and US$2,655 per tonne. December 25 bid price and December 25 offer price hiked by US$49 per tonne or 1.81 per cent to settle at US$2,742 per tonne and US$2,747 per tonne.

LME aluminium opening stock came in at 504000 tonnes. Live warrants and Cancelled warrants settled at 171200 tonnes and 332800 tonnes. LME aluminium 3-month Asian Reference Price showed no change to settle at US$2,599.17 per tonne.