LME aluminium cash offer jumps 3.21% to $3,180/t as opening stocks fall to 497,825t

LME aluminium prices advanced sharply on January 9, reflecting strong gains across cash and forward contracts, while exchange stocks continued to edge lower.

The LME aluminium cash bid price rose to USD 3,179.5 per tonne on January 9, up from USD 3,080 per tonne on January 8, marking a 3.23 per cent increase. The cash offer price climbed to USD 3,180 per tonne from USD 3,081 per tonne, an increase of 3.21 per cent.

In the forward market, the LME aluminium 3-month bid price increased to USD 3,161 per tonne on January 9, compared with USD 3,089 per tonne a day earlier, representing a 2.33 per cent rise. The 3-month offer price moved up to USD 3,163 per tonne from USD 3,090 per tonne, a 2.36 per cent gain.

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For the December 27 contract, the bid price advanced to USD 3,143 per tonne on January 9, up from USD 3,110 per tonne on January 8, reflecting a 1.06 per cent increase. The offer price also rose by 1.06 per cent, to USD 3,148 per tonne from USD 3,115 per tonne.

The LME aluminium 3-month Asian Reference Price stood at USD 3,136 per tonne on January 9.

On the inventory front, LME aluminium opening stocks declined to 497,825 tonnes on January 9, down from 499,750 tonnes on January 8, a 0.39 per cent decrease. Live warrants slipped marginally to 446,050 tonnes from 446,475 tonnes, down 0.10 per cent, while cancelled warrants fell more sharply to 51,775 tonnes from 53,275 tonnes, a 2.82 per cent drop.

Meanwhile, the LME alumina Platts price was assessed at USD 309.14 per tonne.

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