After a sharp decline on September 4, the London Metal Exchange (LME) aluminium price gained momentum. However, the price of aluminium platts further fell from the previous day by USD 1.23 per tonne.
On September 5, both the LME cash bid and offer price gained by USD 10 per tonne or 0.38 per cent, where the bid went up from USD 2,605.5 per tonne to USD 2,615.5 per tonne and the offer went up from USD 2,606 per tonne to USD 2,616 per tonne.
The 3-month bid and offer price also saw a steady upward movement, where the bid went up by USD 12 per tonne or 0.46 per cent, totalling to USD 2,612 per tonne, up from USD 2,600 per tonne. Similarly, the offer price grew by USD 11 per tonne or 0.42 per cent, adding up to USD 2,613 per tonne from USD 2,602 per tonne.
December 26 bid and offer price witnessed a similar trend where both went up by USD 13 per tonne or 0.49 per cent. The bid price went up from USD 2,650 per tonne to USD 2,663 per tonne. Simultaneously, the offer price escalated from USD 2,655 per tonne to USD 2,668 per tonne.
The 3-month Asian Reference Price moved slightly up from USD 2,591.50 per tonne to USD 2,600.50 per tonne, reflecting a difference of USD 19 per tonne or 0.34 per cent.
The LME opening stock also shifted from 479,600 tonnes to 484,675 tonnes. At the time, the live warrant surged from 468,750 tonnes to 473,825 tonnes. Both soared up by 5,075 tonnes or 1.05 per cent. The cancelled warrant showed no difference and stood at 10,850 tonnes.
The alumina platts price inched down from USD 354.89 per tonne to USD 353.66 per tonne, mirroring a difference of USD 1.23 per tonne or 0.34 per cent.
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