Three-month LME aluminium rose 0.49 per cent to end at US$ 1,856 per tonne on Monday, October 12, and is likely to move between US$ 1,830-1,870 per tonne today.

Both LME aluminium cash (bid) price and LME official settlement price increased further for the third consecutive day from US$ 1805.50 per tonne to US$ 1829.50 per tonne, as of October 12. 3-months bid price and 3-months offer price stood at US$ 1847 per tonne, up by US$ 27 per tonne from US$ 1820 per tonne. Dec 21 bid price and Dec 21 offer price hovered at US$ 1903 per tonne.

The LME aluminium opening stock increased from 1416325 tonnes to 1422475 tonnes. Live Warrants stood at 1126175 tonnes, while Cancelled Warrants at 296300 tonnes.

LME aluminium 3-months Asian Reference Price came in at US$ 1849.44 per tonne, as of October 12.

SHFE Aluminium Price Trend

Benchmark aluminium price for SHFE slipped by US$ 11 per tonne from US$ 2205 per tonne to US$ 2194 per tonne on Tuesday, October 13, 2020.

The most-liquid SHFE 2011 aluminium contract closed up 1.35 per cent at RMB 14,595 per tonne. Open interest rose from 8,921 lots to 116,000 lots. The increase of aluminium ingots stocks was less than expected during the holiday. As delivery was approaching, the spot premium lifted the nearby future prices. The changes of economic data and policies of various countries and the continuous inflow of funds will come under scrutiny.

The most-liquid SHFE 2011 aluminium contract strengthened 0.97 per cent to close at RMB 14,630 per tonne in overnight trading, and is expected to trade between RMB 14,300-14,700 per tonne today.