LME aluminium cash offer slips to USD 3,081 as opening stocks fall 4.6% on January 8

LME aluminium prices declined on January 8 compared with the previous trading session, while exchange inventories showed notable shifts in warrant positioning.

On January 8, the LME aluminium cash bid stood at USD 3,080 per tonne and the cash offer at USD 3,081 per tonne, down from USD 3,091.5 and USD 3,092 per tonne respectively on January 7. This represented a 0.37 per cent decline in the cash bid and a 0.36 per cent decline in the cash offer day on day.

The LME aluminium 3-month contract also weakened. On January 8, the 3-month bid was USD 3,089 per tonne and the offer was USD 3,090 per tonne, compared with USD 3,112 per tonne and USD 3,112.5 per tonne on January 7. This marked a 0.74 per cent drop in the 3-month bid and a 0.72 per cent decline in the offer.

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Prices for the December 27 position moved lower as well. The bid on January 8 was USD 3,110 per tonne and the offer stood at USD 3,115 per tonne, compared with USD 3,130 and USD 3,135 per tonne on January 7. This reflected a 0.64 per cent fall in both the offers.

The LME aluminium 3-month Asian Reference Price on January 8 was assessed at USD 3,091 per tonne.

On the inventory side, LME aluminium opening stocks declined to 478,625 tonnes on January 8 from 501,750 tonnes on January 7, a decrease of 4.61 per cent. Live warrants rose to 464,400 tonnes from 446,475 tonnes, an increase of 4.01 per cent, while cancelled warrants fell to 53275 tonnes from 57,775 tonnes, representing a decline of 4500 tones.

Meanwhile, the LME alumina Platts price was assessed at USD 309.14 per tonne.

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