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AL CIRCLE

Aluminium price hits four-year high at $3,855/t, advances to rewrite the LME price history

EDITED BY : 2MINS READ

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The London Metal Exchange (LME) aluminium price history is close to being rewritten as the aluminium price hits a four-year high at the close of the June 2 session. Surging past the closing figures of June 1, prices continue to advance towards the USD 4,000 price tag.  Meanwhile, declining stocks and warrants indicated a worldwide aluminium supply shortage.  

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The LME aluminium cash bid jumped from USD 3,795 per tonne on June 1 to USD 3,854 per tonne on June 2, rising by 1.55 per cent. The offer climbed from USD 3,795.5 per tonne to USD 3,855 per tonne, gaining 1.57 per cent. The aluminium price surpassed a four-year high since the offer price reached USD 3,851 per tonne, recorded on March 4, 2022.

The LME aluminium three-month bid as well as offer prices surged 1.82 per cent on June 2. As the bid edged up from USD 3,685 per tonne to USD 3,752 per tonne, the offer price rose from USD 3,685.5 per tonne to USD 3,752.5 per tonne.

Both the December 2027 bid and offer prices increased by 0.21 per cent on the close of June 2. The bid price reached USD 3,305 per tonne, up from USD 3,298 per tonne, while the offer price closed at USD 3,310 per tonne, rising from USD 3,303 per tonne.

The LME aluminium three-month Asian Reference Price closed at USD 3,752.5 per tonne on June 2, gaining 0.98 per cent over USD 3,716 per tonne on June 1.

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On the inventory front, LME aluminium opening stock recorded a further decline, slipping 0.09 per cent from 338,000 tonnes on June 1 to 337,700 tonnes on June 2.

Live warrants, similar to the previous close, remained stable at 254,625 tonnes.

Cancelled warrants, on the other hand, softened from 83,075 tonnes to 80,825 tonnes, down 2.7 per cent.

LME alumina Platts price stood at USD 305 per tonne on June 2, easing 0.26 per cent from USD 305.8 per tonne on June 1.

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