LME aluminium cash offer rises 2.63% to $3,175/t as opening stocks fall to 507,275t

Aluminium prices on the London Metal Exchange rose sharply on January 23, with both cash and forward contracts posting gains of more than 2 per cent compared with the previous session.

The LME aluminium cash bid price climbed to USD 3,174.5 per tonne on January 23 from USD 3,093 per tonne on January 22, marking an increase of 2.63 per cent. The cash offer price rose to USD 3,175 per tonne from USD 3,093.5 per tonne, also up 2.63 per cent day-on-day.

In the forward market, the LME aluminium 3-month bid price increased to USD 3,176 per tonne on January 23 from USD 3,113.5 per tonne on January 22, a gain of 2.01 per cent. The 3-month offer price rose to USD 3,177 per tonne from USD 3,114 per tonne, up 2.02 per cent.

The December 27 aluminium contract also strengthened. The bid price moved up to USD 3,147 per tonne on January 23 from USD 3,097 per tonne on January 22, reflecting a 1.61 per cent increase. The offer price rose to USD 3,152 per tonne from USD 3,102 per tonne, also up 1.61 per cent.

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The LME aluminium 3-month Asian Reference Price stood at USD 3,169 per tonne on January 23.

On the inventory side, LME aluminium opening stocks fell to 507,275 tonnes on January 23 from 509,275 tonnes on January 22, a decline of 0.39 per cent. Live warrants remained unchanged at 482,475 tonnes, while cancelled warrants dropped to 24,800 tonnes from 26,800 tonnes, a sharp decrease of 7.46 per cent.

Meanwhile, the LME alumina Platts price was assessed at USD 307 per tonne on January 23 by Platts.

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