LME aluminium declines by $75/t as supply concerns ease with Russia’s minimised military operations; SHFE grows to $3586/t

LME aluminium cash bid price and LME aluminium official settlement price continued to decrease for the second day in a row by US$75 per tonne or 2.09 per cent to stand at US$3,506 per tonne and US$3,508 per tonne, respectively. The downfall in LME aluminium prices followed the ease of supply concerns as Russia promised to scale down its military operations around Kyiv and in northern Ukraine. Signs of a lull in the conflict calmed the aluminium and other metal prices.

On Wednesday, March 30, 3-month bid price and 3-month offer price nosedived by US$80 per tonne and US$81 per tonne to rest at US$3,526 per tonne and US$3,527 per tonne. Dec-23 bid price and Dec-23 offer price came in at US$3,373 per tonne and US$3,378 per tonne, down by US$67 per tonne from US$3,440 per tonne and US$3,445 per tonne, respectively.

LME aluminium opening stock further declined to 654,475 tonnes from 671,025 tonnes on March 29. Live warrants remained restrained at 443050 tonnes, while Cancelled warrants rose to 211425 tonnes.

The LME aluminium 3-month Asian Reference Price also recorded a downfall to US$3,497.95 per tonne.

SHFE aluminium price 

On Thursday, March 31, the benchmark aluminium price for SHFE has grown by US$17 per tonne to stand at US$3,586 per tonne.

The most-traded SHFE 2205 aluminium closed down 0.35 per cent or RMB 80 per tonne to stand at RMB 22,935 per tonne, with open interest down 8,995 lots to 216,338 lots.

Overnight, the most-traded SHFE 2205 aluminium contract opened at RMB 22,970 per tonne, with the highest and lowest prices at RMB 23,030 per tonne and RMB 22,830 per tonne before closing at RMB 22,910 per tonne, up RMB 230 per tonne or 1.01 per cent.

source https://www.alcircle.com/news/lme-aluminium-declines-by-75-t-as-supply-concerns-ease-with-russias-minimised-military-operations-shfe-grows-to-3586-t-77972