Aluminium prices on the London Metal Exchange (LME) saw a boost on Friday, October 24, as both cash and three-month contracts ticked up slightly, coinciding with a slight drop in warehouse inventories.
On October 24, the LME aluminium cash bid stood at USD 2,852.5 per tonne, up USD 9.5 or 0.33 per cent from USD 2,842 per tonne on October 23. The cash offer rose USD 8 or 0.3 per cent, from USD 2,845 to USD 2,853 per tonne.
The LME 3-month bid increased from USD 2,841.5 per tonne on October 23 to USD 2,851 per tonne on October 24, representing a gain of USD 9.5 or 0.33 per cent. The 3-month offer also climbed by USD 10 or 0.4 per cent, from USD 2,842 to USD 2,852 per tonne.
For forward contracts, both the December 26 bid and offer price advanced USD 4 or 0.13 per cent, where the bid moved from USD 2,863 to USD 2,867 per tonne, while the offer price rose from USD 2,868 to USD 2,872 per tonne.
The LME aluminium 3-month Asian Reference Price on October 24 was reported at USD 2,859 per tonne, showing a decline of USD 3.5 per tonne or 0.12 per cent.
On the stocks front, LME aluminium opening stock fell from 477,675 tonnes to 473,125 tonnes on October 24, marking a decline of 4,550 tonnes or 0.93 per cent. Live warrants remained unchanged at 405,650 tonnes, while cancelled warrants dropped from 72,025 tonnes to 67,475 tonnes, down 0.93 per cent.
Meanwhile, the LME alumina Platts price stood at USD 319.16 per tonne.
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