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In comparison to the previous day’s close, the London Metal Exchange (LME) aluminium price on May 12 dipped slightly. A similar movement was seen at the LME inventory level, but the live warrants and alumina platts price showed no change from the last day’s closing.
{alcircleadd}The LME cash bid declined by USD 15 per tonne or 0.4 per cent, changing from USD 3,654 per tonne to USD 3,639 per tonne. Similarly, the LME cash offer also dipped by USD 15.5 per tonne or 0.4 per cent, moving down to USD 3,639.5 per tonne from USD 3,655 per tonne.
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Looking at the forward-dated contracts, the LME 3-month bid inched down by USD 4.5 per tonne or 0.1 per cent, from USD 3,570 per tonne to USD 3,565.5 per tonne. At the same time, the LME 3-month offer finally stood at USD 3,566 per tonne from USD 3,571 per tonne on May 11, reflecting a change of USD 5 per tonne or 0.14 per cent.
The downward price movement continued in the longer-dated contracts, where both the LME December 27 bid and offer inched down by USD 8 per tonne or 0.3 per cent, with the bid shifting from USD 3,153 per tonne to USD 3,145 per tonne and the offer from USD 3,158 per tonne to USD 3,150 per tonne.
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The LME 3-month Asian Reference Price moved down by USD 17.5 per tonne or 0.5 per cent, where on May 11 it was recorded at USD 3,579.5 per tonne, which on May 12 changed to USD 3,562 per tonne.
At the inventory level, the LME opening stock shifted from 355,775 tonnes to 353,350 tonnes, showing that it moved down by 2,425 tonnes or 0.7 per cent. Concurrently, the cancelled warrants changed from 21,625 tonnes to 19,275 tonnes, reflecting a difference of 2,350 tonnes or 11 per cent.
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The LME live warrant showed no change and on May 12, it is recorded at 331,725 tonnes.
At the same time, the LME alumina prices also remained unchanged at USD 307.15 per tonne on May 12.
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