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After a disruption in the LME closing prices for March 16 which resulted in producing the figures using LME’s standard waterfall procedures, March 17 saw the London Metal Exchange (LME) aluminium prices continue to slip. The declining trend began on March 16 after the aluminium prices surpassed USD 3,500 per tonne on March 12 amid the geopolitical tensions surrounding the Middle East and the Strait of Hormuz trade corridor.
{alcircleadd}LME cash bid eased to USD 3,425 per tonne on March 17 from USD 3,439.5 per tonne on March 16, recording a difference of 0.42 per cent. The cash offer settled at USD 3,426 per tonne, slipping from USD 3,440 per tonne, down 0.41 per cent day-on-day.
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The LME aluminium three-month contract saw the bid at USD 3,412 per tonne, declining 0.09 per cent from USD 3,415 per tonne. The offer pulled back to USD 3,413 per tonne, dropping 0.12 per cent from USD 3,417 per tonne.
Contrary to these, a rising trend continued in the future contracts. The December 2027 bid as well as offer increased by 0.43 per cent. While the bid shifted to USD 3,043 per tonne from USD 3,030 per tonne, the offer settled at USD 3,048 per tonne from USD 3,035 per tonne.
The LME aluminium three-month Asian Reference Price was recorded at USD 3,399.5 per tonne on March 17 from USD 3,395.5 per tonne on March 16, up 0.12 per cent.
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On the inventory side, LME aluminium opening stocks dropped further from 445,300 tonnes on March 16 to 442,825 tonnes on March 17, decreasing by 0.56 per cent. Live warrants, on the other hand, settled at 273,050, up 0.46 per cent from 271,800 tonnes recorded in the previous session. Meanwhile, cancelled warrants fell to 167,275 tonnes from 171,025 tonnes, marking a stark decline of 2.19 per cent.
Only the LME alumina Platts price witnessed a hike on the March 17 session. The price settled at USD 300.14 per tonne, down by 0.12 per cent from the previous session’s USD 301.4 per tonne.
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