LME aluminium price sheds off US$17/t but still stands 1% W-o-W high; SHFE price grows by US$16/t

On Friday, March 22, LME aluminium cash bid price and LME aluminium official settlement price shed off US$17 per tonne and US$17.50 per tonne, respectively, following a jump to an eleven-week high due to rising buying interest in China. With the latest decline, the prices derived at US$2,246 per tonne and US$2,246.50 per tonne. Even after the fall, the LME aluminium benchmark price stood week-on-week high by 1 per cent from US$2,224.50.

On the same day, 3-month bid price and 3-month offer price decreased by US$17 per tonne to close the week at US$2,294.50 per tonne and US$2,295 per tonne. December 25 bid price and December 25 offer price settled at US$2,500 per tonne and US$2,505 per tonne, down by US$18 per tonne from the previous day.

LME aluminium opening stock amounted to 560,700 tonnes, reflecting a downfall of 3,350 tonnes from 564,050 tonnes on March 21. Live Warrants and Cancelled Warrants stood at 341,450 tonnes and 219,250 tonnes, respectively.

LME aluminium 3-month Asian Reference Price dropped US$13.50 per tonne to peg at 2,284.42 per tonne.