Industry News

LME aluminium prices gain on concerns over sluggish production recovery in Yunnan; SHFE price loses US$9/t

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Update time : 2024-03-27 16:56:58
LME aluminium opened at US$2,305 per tonne in the previous trading day, with its high and low at US$2,331 per tonne and US$2,294 per tonne respectively before closing at US$2,326.5 per tonne, up US$17.5 per tonne or 0.76 per cent.

Aluminium prices surged to an 11-week high on Monday due to worries about a sluggish recovery in production in China's Yunnan province. This increase was further bolstered by a positive technical outlook. On Monday, March 25, both LME aluminium cash bid price and LME aluminium official settlement price hiked by US$21 per tonne or 0.93 per cent to settle at US$2,267 per tonne and US$2,267.50 per tonne.

As per the LME price graph, both 3-month bid price and 3-month offer price expanded by US$24 per tonne or 1.04 per cent to stand at US$2,318.50 per tonne and US$2,319 per tonne. December 25 bid price and December 25 offer price gained US$23 per tonne or 0.91 per cent to peg at US$2,523 per tonne.

LME aluminium opening stock came in at 559600 tonnes. Live warrants and Cancelled warrants closed at 340950 tonnes and 218650 tonnes. LME aluminium 3-month Asian Reference Price slumped by US$81.7 per tonne or 3.55 per cent to clock at US$2,203.25 per tonne.

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