LME aluminium cash offer price drops 3.88% to $2,996/t; opening stock slips 0.41%

LME aluminium prices recorded a sharp decline on February 13 compared to February 12 across cash and futures contracts. The LME aluminium cash bid price fell to USD 2,995 per tonne on February 13 from USD 3,116.5 per tonne on February 12, marking a decline of 3.90 per cent. The cash offer price dropped to USD 2,996 per tonne from USD 3,117 per tonne, down 3.88 per cent.

The aluminium price deficit is mainly due to stock market declines, profit-taking, position squaring, strong US labour data, and reduced China demand before Lunar New Year.

In the three-month contract, the LME aluminium 3-month bid price decreased to USD 3,027 per tonne on February 13 from USD 3,145.5 per tonne on February 12, a fall of 3.77 per cent. The 3-month offer price slipped to USD 3,028 per tonne from USD 3,146 per tonne, reflecting a 3.75 per cent decline.

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For the December 27 contract, the bid price declined to USD 3,025 per tonne on February 13 from USD 3,105 per tonne on February 12, down 2.58 per cent. The offer price fell to USD 3,030 per tonne from USD 3,110 per tonne, a decrease of 2.57 per cent.

Meanwhile, the LME aluminium 3-month Asian Reference Price stood at USD 3,077.5 per tonne on February 13.

On the inventory front, LME aluminium opening stock decreased to 481,550 tonnes on February 13 from 483,550 tonnes on February 12, reflecting a 0.41 per cent decline. Live warrants dropped to 436,425 tonnes from 441,425 tonnes, marking a 1.13 per cent decrease. In contrast, cancelled warrants increased to 45,125 tonnes from 42,125 tonnes, up 7.12 per cent.

The LME alumina Platts price stood at USD 306.93 per tonne.

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