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LME aluminium prices moved higher on July 8, with both cash and three-month contracts recording gains from the previous session, amid renewed geopolitical uncertainty in the Middle East. Market sentiment remained cautious as reports of fresh attacks and heightened tensions between the US and Iran raised concerns over the durability of ongoing peace efforts and the reopening of the Strait of Hormuz, a critical route for global energy and commodity shipments.
{alcircleadd}The LME aluminium cash bid price rose to USD 3,140.50 per tonne on July 8 from USD 3,118 per tonne on July 7, marking a day-on-day increase of 0.72 per cent. The cash offer price climbed 0.71 per cent to USD 3,141 per tonne from USD 3,119 per tonne.
A similar upward trend was seen in the three-month contract. The LME aluminium three-month bid price increased 0.59 per cent to USD 3,145 per tonne on July 8 from USD 3,126.50 per tonne a day earlier. The three-month offer price advanced 0.62 per cent to USD 3,147 per tonne from USD 3,127.50 per tonne.
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Further along the curve, the December 2027 bid price edged up 0.23 per cent to USD 3,072 per tonne from USD 3,065 per tonne. The corresponding offer price also increased 0.23 per cent, reaching USD 3,077 per tonne from USD 3,070 per tonne.
Meanwhile, the LME aluminium three-month Asian Reference Price stood at USD 3,132 per tonne on July 8.
On the inventory front, LME aluminium opening stocks declined 1.06 per cent to 292,425 tonnes on July 8 from 295,550 tonnes on July 7. Live warrants slipped 0.08 per cent to 246,400 tonnes from 246,600 tonnes, while cancelled warrants fell 3.06 per cent to 44,425 tonnes from 45,825 tonnes.
The LME alumina Platts price stood at USD 330.20 per tonne.
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