LME aluminium price soars by US$77.5/t amidst fresh sanctions against Russian metal; SHFE price shrinks by US$61/t

The LME aluminium benchmark price shot up over the weekend, marking a second consecutive hike, following fresh sanctions by the United States and the United Kingdom targeting Russian metals. On Friday, April 12, Washington and London prohibited metal-trading exchanges from accepting new aluminium. Both LME aluminium cash bid price and LME aluminium official settlement price soared by US$77.50 per tonne to stand at US$2,520 per tonne and US$2,520.50 per tonne, respectively, on Monday, April 15.

This exponential rise over the weekend brought the LME aluminium benchmark price 13.61 per cent or US$302 per tonne higher than US$2,218.50 per tonne a month ago and around 7 per cent higher than a year earlier.

3-month bid price and 3-month offer price surged by US$51 per tonne and US$52 per tonne to come in at US$2,546 per tonne and US$2,548 per tonne. December 25 bid price and December 25 offer price expanded by US$30 per tonne or 1.1 per cent to reach US$2,680 per tonne and US$2,685 per tonne.

LME aluminium opening stock shed off 1,500 tonnes to settle at 521,600 tonnes on April 15. Live Warrants and Cancelled Warrants stood at 324,500 tonnes and 197,100 tonnes, respectively.

LME aluminium 3-month Asian Reference Price gained 5.07 per cent to close the day at US$2,615.76 per tonne.