A sharp decline in the London Metal Exchange (LME) aluminium price was witnessed on November 14 in comparison to the price recorded on November 13.
The LME cash bid fell by USD 42 per tonne or 1.5 per cent to reach USD 2,832 per tonne from USD 2,874 per tonne. Similarly, the cash offer also declined by USD 43.5 per tonne or 1.51 per cent to finally get at USD 2,832.5 per tonne from USD 2,876 per tonne.
Concurrently, the 3-month LME bid shrank by USD 44.5 per tonne or 1.53 per cent, down from USD 2,899.5 per tonne to USD 2,855 per tonne. The 3-month offer replicated a similar trend where it went down by USD 43 per tonne or 1.5 per cent, from USD 2,900 per tonne to USD 2,857 per tonne.
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Both the December 26 contract bid and offer depreciated by USD 37 or 1.3 per cent and each is currently at USD 2,888 per tonne and USD 2,893 per tonne.
LME aluminium 3-month Asian Reference Price stood at USD 2,858.5 per tonne from USD 2896.5 per tonne, showing a fall by USD 38 per tonne or 1.31 per cent.
On the stock front, LME aluminium opening inventories decreased to 552,375 tonnes on November 14 from 553,200 tonnes recorded on November 13, a fall of 825 tonnes or 0.15 per cent.
Live warrants stood at 522,800 tonnes from 521,525 tonnes, down by 1,275 tonnes or 0.24 per cent, while cancelled warrants fell to 29,575 tonnes from 31,675 tonnes, down by 2,100 tonnes or 6.6 per cent compared to the previous day.
The LME Alumina Platts price was assessed at USD 319.25 per tonne.
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