After a brief dip, the LME aluminium price hits $3,678.5/t, 4-year high returns on April 15

The London Metal Exchange (LME) aluminium price saw a modest decline on April 14, but again on the next day, i.e. April 15, the price rose, touching the four-year high again. However, the longer dated contract continued the declining trend along with the LME warehouse. 

The LME cash bid price rose by USD 98 per tonne or 3 per cent, shifting from USD 3,580 per tonne to USD 3,678 per tonne. At the same time, the LME offer also rose by USD 97.5 per tonne or 3 per cent, moving from USD 3,581 per tonne to USD 3,678.5 per tonne. 

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Both the LME 3-month bid and offer expanded by USD 71 per tonne or 2 per cent, where the bid rose to USD 3,636 per tonne from USD 3,565 per tonne and the final offer was at USD 3,636.5 per tonne from USD 3,565.5 per tonne. 

An adverse movement is seen in the longer dated contracts, where the December 27 bid and offer declined by USD 15 per tonne or 0.5 per cent. Here, the December 27 bid decreased from USD 3,105 per tonne to USD 3,090 per tonne and the December 27 offer from USD 3,110 per tonne to USD 3,095 per tonne. 

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The rising trend was seen in the LME 3-month Asian Reference Price, which moved from USD 3,621.5 per tonne to USD 3,643.5 per tonne, reflecting a difference of USD 22 per tonne or 1 per cent. 

At the inventory level, the LME opening stock on April 15 stood at 393,775 tonnes, declining from 395,975 tonnes, reflecting a change of 2,200 tonnes or 0.5 per cent. The live warrant also decreased from 338,750 tonnes to 336,850 tonnes, owing to an alteration of 1,900 tonnes or 1 per cent. Similarly, the cancelled warrant also shifted from 55,025 tonnes to 54,825 tonnes, showing a gap of 200 tonnes or 4 per cent. 

On April 15, the LME alumina platts price stood at USD 305.74 per tonne, showing no change from the previous close. 

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