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On May 15, the week closed with an easing trend in the London Metal Exchange (LME) aluminium price after it rose above its 4-year high. A significant drop has been seen across all the contracts, along with the LME inventory, but cancelled warrants continued to rise.
{alcircleadd}Both the LME cash bid and cash offer declined by USD 133 per tonne or 3.5 per cent, where the bid moved from USD 3,767 per tonne to USD 3,634 per tonne and the offer from USD 3,768 per tonne to USD 3,635 per tonne.
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A similar declining trend is seen in the LME forward-dated contracts, where the 3-month bid rose by USD 87.5 per tonne or 2.4 per cent, reaching USD 3,578 per tonne from USD 3,665.5 per tonne. The LME 3-month offer also reduced by USD 86 per tonne, recorded at USD 3,580 per tonne from USD 3,666 per tonne.
Concurrently, the LME longer-dated contracts also witnessed a downward movement, where both the December 27 bid and offer moved down the graph by USD 33 per tonne or 1 per cent, where the bid changed from USD 3,190 per tonne to USD 3,157 per tonne and the offer from USD 3,195 per tonne to USD 3,162 per tonne.
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The LME 3-month Asian Reference Price went down by USD 94.5 per tonne or 2.6 per cent, shifting from USD 3,657.5 per tonne to USD 3,563 per tonne.
At the inventory level, the opening stock decreased by 2,250 tonnes, from 348,750 tonnes to 346,500 tonnes. Similarly, the live warrants also declined by 5 thousand tonnes, from 291,725 tonnes to 286,725 tonnes.
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However, the LME cancelled warrants rose by 2,500 tonnes, shifting from 54,775 tonnes to 57,275 tonnes.
On May 15, the LME alumina platt price showed no change from the previous close and is still at USD 305.90 per tonne.
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