LME aluminium price gains US$31.50/t to US$2650/t after an intermittent decline; SHFE price grows to US$2975/t

LME aluminium opened at US$2,602.50 per tonne on Monday, November 29, and closed at US$2,650 per tonne, an increase of US$58 per tonne or 2.24 per cent.

Both LME aluminium cash (bid) price and LME official settlement price increased by US$31.50 per tonne or 1.20 per cent on Monday, November 29, to stand at US$2,649 per tonne and US$2,650 per tonne, respectively, following an intermittent plunge on the previous day. 3-month bid price grew by US$24.50 per tonne to US$2,641.50 per tonne, and 3-month offer price climbed by US$23.50 per tonne to settle at US$2,642.50 per tonne. December 22 bid price and December 22 offer price amounted to US$2,615 per tonne and US$2,620 per tonne, respectively.

LME aluminium opening stock on November 29 further decreased to 909225 tonnes. Live Warrants remained restrained at 576325 tonnes, while Cancelled Warrants decreased to 332900 tonnes.

LME aluminium 3-month Asian Reference Price settled at US$2,633.70 per tonne.

SHFE Aluminium Price Trend

The benchmark aluminium price for SHFE gained US$19 per tonne or 0.64 per cent to stand at US$2,975 per tonne on Tuesday, November 30.

The most-traded SHFE 2201 aluminium closed down 1.37 per cent or RMB 265 per tonne to RMB 19,015 per tonne, with open interest down 8769 lots to 204811 lots.

Overnight, the most-traded SHFE 2201 aluminium contract opened at RMB 19,015 per tonne, with the highest and lowest prices at RMB 19,250 per tonne and RMB 18,960 per tonne before closing at RMB 19,055 per tonne, up RMB 40 per tonne or 0.21 per cent.

source https://www.alcircle.com/news/lme-aluminium-price-gains-us31-50-t-to-us2650-t-after-an-intermittent-decline-shfe-price-grows-to-us2975-t-73003