On December 24, the London Metal Exchange (LME) aluminium price showed a strong upward momentum in cash bid and offer, with a slight uptick on the 3-month and forward contracts as well. However, the LME alumina Platts has slightly inched down.
Both the cash bid and offer went up by USD 16 per tonne or 0.54 per cent, where the bid reached USD 2,931.5 per tonne from USD 2,915.5 per tonne and the offer at USD 2,932 per tonne from USD 2,916 per tonne.
At the 3-month contract, the bid rose by USD 2 per tonne or 0.07 per cent and settled at USD 2,957 per tonne, up from USD 2,955 per tonne. Concurrently, the LME 3-month offer expanded by USD 3.5 per tonne or 0.12 per cent to reach USD 2.959 per tonne from USD 2,955.5 per tonne.
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At the forward contracts, the December 26 bid and offer moved up by USD 4 per tonne or 0.13 per cent, where the bid moved from USD 2,978 per tonne to USD 2,982 per tonne and the offer from USD 2,983 per tonne to USD 2,987 per tonne.
The LME 3-month Asian Reference Price also increased from USD 2,939 per tonne to USD 2,960.5 per tonne, showing a difference of USD 21.5 per tonne or 0.73 per cent.
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At the inventory side, the LME opening stock widened from 519,600 tonnes to USD 521,050 tonnes, showing an increase of 1,450 tonnes or 0.28 per cent. Similarly, the live warrants moved from 445,200 tonnes to 447,825 tonnes, showing a difference of 2,625 tonnes or 0.6 per cent. However, the cancelled warrant moved down from 74,400 tonnes to 73,225 tonnes, showing a gap of 1,175 tonnes or 1.6 per cent.
The LME alumina platts price on December 24 stood at USD 310.22 per tonne, representing a slight decline of USD 0.26 or 0.08 per cent.
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