LME aluminium prices declined modestly on Friday, August 1, with both spot and 3-month contracts registering a downward shift compared to the previous session.
The LME aluminium cash bid price fell to USD 2,544 per tonne, a 1.38 per cent drop from USD 2,579.5 per tonne on Thursday, July 31. The LME aluminium offer price also edged down 1.36 per cent to USD 2,545 per tonne from USD 2,580 per tonne the day before.
Three-month aluminium prices mirrored this trend. The 3-month bid stood at USD 2,546 per tonne, down 1.36 per cent from USD 2,581 per tonne while the offer price fell 1.34 per cent to USD 2,547 per tonne compared to USD 2,581.5 per tonne on July 31.
Forward prices for December 26 contracts also declined. The August 1 bid came in at USD 2,593 per tonne, down 1.22 per cent from USD 2,625 per tonne, while the offer price dropped 1.22 per cent to USD 2,598 per tonne from USD 2,630 per tonne previously.
Also read: LME aluminium price shrinks by $31/t; Alumina price inches down to $369.09/t
Meanwhile, the LME aluminium 3-month Asian Reference Price remained nearly flat, rising slightly by 0.04 per cent from USD 2,565 per tonne on July 31 to USD 2,566 per tonne on August 1.
LME aluminium inventories rose marginally, with opening stocks increasing 0.39 per cent to 462,800 tonnes on August 1, up from 461,025 tonnes on July 31.
Live warrants moved up 0.51 per cent to 449,300 tonnes, while cancelled warrants declined 3.74 per cent to 13,500 tonnes, compared to 14,025 tonnes the previous day.
Unlike aluminium, alumina prices rose noticeably. The Platts-assessed alumina price climbed to USD 375 per tonne on August 1, an increase of 1.6 per cent from USD 369.09 per tonne on July 31.
Note: To feature your brand and share insights, contribute an article or interview in our forthcoming e-magazine "American ALuminium Industry: The Path Forward".
Responses
