Russia-Ukraine conflict keeps LME aluminium price on a structural uptrend at US$3,495.50/t

LME aluminium opened at US$3,390 per tonne yesterday and closed at US$3,486 per tonne, an increase of US$91 per tonne or 2.68%.

LME aluminium benchmark prices have been on a structural uptrend due to the Russia-Ukraine conflict. On Tuesday, March 1, LME aluminium cash bid price expanded by US$47 per tonne or 1.36% to close at US$3,495 per tonne. For the same day, LME aluminium official settlement price also levelled up by US$45.5 per tonne or 1.31% to score at US$3,495.50 per tonne. 3-month bid and 3-month offer price also grew by US$17 per tonne to settle at US$3,462 per tonne and US$3,464 per tonne. December 23 bid price and December 23 offer price closed at US$3,175 per tonne and US$3,180 per tonne.

LME aluminium opening stock recorded at 814275 tonnes. Live warrants and Cancelled warrants for the same day came in at 585975 tonnes and 228300 tonnes.

LME aluminium 3-month Asian Reference Price stood at US$3,382.66 per tonne.