Aluminium prices on the London Metal Exchange (LME) strengthened on Wednesday, October 23, as both cash and three-month contracts posted modest gains, while warehouse stocks recorded a slight decline.
On October 23, the LME aluminium cash bid stood at USD 2,843 per tonne, up USD 26 or 0.92 per cent from USD 2,817 per tonne on October 22. The cash offer rose USD 27 or 0.96 per cent, from USD 2,818 to USD 2,845 per tonne.
The LME 3-month bid increased from USD 2,812 per tonne on October 22 to USD 2,841.5 per tonne on October 23 — a gain of USD 29.5 or 1.05 per cent. The 3-month offer also climbed by USD 29.5 or 1.05 per cent, from USD 2,812.5 to USD 2,842 per tonne.
For forward contracts, the December 26 bid price advanced USD 31 or 1.09 per cent, from USD 2,832 to USD 2,863 per tonne, while the offer price rose from USD 2,837 to USD 2,868 per tonne, up USD 31 or 1.09 per cent.
The LME aluminium 3-month Asian Reference Price on October 23 was reported at USD 2,862.5 per tonne.
On the stocks front, LME aluminium opening stock fell from 482,525 tonnes on October 22 to 477,675 tonnes on October 23, marking a decline of 4,850 tonnes or 1.01 per cent.Live warrants remained unchanged at 405,650 tonnes, while cancelled warrants dropped from 76,875 tonnes to 72,025 tonnes, down 6.30 per cent.
Meanwhile, the LME alumina Platts price stood at USD 319.57 per tonne.
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