Aluminium gained ground on the LME between July 18 and July 21, with key contract prices rising over 2 per cent amid steady demand and marginal inventory increases.
The LME aluminium cash bid price climbed 2.22 per cent to USD 2,648.50 per tonne on July 21, compared to USD 2,591 per tonne on July 18. The cash offer price followed closely, rising from USD 2,591.50 per tonne to USD 2,649 per tonne.
Prices for the 3-month contract strengthened as well. The bid increased by 1.89 per cent to USD 2,644 per tonne, while the offer rose 1.93 per cent to USD 2,646 per tonne, up from USD 2,595 per tonne and USD 2,596 per tonne respectively.
Longer-dated contracts also saw gains. The December 26 bid price rose 1.44 per cent to USD 2,673 per tonne, while the offer moved up to USD 2,678 per tonne, from USD 2,635 per tonne and USD 2,640 per tonne earlier.
The 3-month Asian Reference Price edged up 0.65 per cent, reaching USD 2,646.50 per tonne compared to USD 2,629.50 per tonne on July 18.
LME warehouse data showed a slight build in stocks. Opening stock rose 0.86 per cent to 434,425 tonnes, while live warrants increased 0.92 per cent to 426,875 tonnes. Cancelled warrants dipped marginally by 1.95 per cent to 7,550 tonnes.
The alumina (Platts) price stood at USD 365.74 per tonne, a slight USD 0.39 per tonne rise from the last day.
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