LME aluminium cash firms at USD 2,898.5/t as forward prices quietly retreat

On December 22, the London Metal Exchange (LME) aluminium cash price showed an uptick from the previous day’s close; however, the 3-month bid and offer and the forward contracts showed a slight decrease.

Both the LME cash bid and price went up by USD 2.5 per tonne or 0.09 per cent, where the bid reached USD 2,898 per tonne, up from USD 2,895.5 per tonne and the offer price at USD 2,898.5 per tonne from USD 2,896 per tonne.

The 3-month LME bid and offer price declined by USD 3 per tonne or 0.1 per cent and each settled at USD 2,940 per tonne and USD 2,942 per tonne, up from USD 2,943 per tonne and USD 2,945 per tonne, respectively.

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At the forward contracts, the December 26 bid and offer were reduced by USD 4 per tonne or 0.13 per cent, where the bid was recorded at USD 2,963 per tonne from USD 2,967 per tonne and the offer price at USD 2,968 per tonne from USD 2,972 per tonne.

The 3-month Asian Reference Price on December 22 was seen to be at USD 2,941.5 per tonne, up from USD 2,945 per tonne, which shows a difference of USD 3.5 per tonne or 0.12 per cent.

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At the inventory front, the LME opening stock showed no change from the previous day’s close and is still at 519,600 tonnes. However, both the live warrants and cancelled warrants inched down by 600 tonnes and each is at 445,200 tonnes and 74,400 tonnes, respectively.

The LME alumina platts price is stable at USD 310.48 per tonne.

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