London Metal Exchange (LME) aluminium prices strengthened on October 31, supported by higher market activity and a sharp rise in exchange inventories.
The LME aluminium cash bid rose 2.11 per cent to USD 2,884.5 per tonne, while the cash offer gained 2.09 per cent to USD 2,885 per tonne, compared to USD 2,825 per tonne and USD 2,826 per tonne on October 30.
The three-month contract also firmed, with the bid up 1.21 per cent to USD 2,880 per tonne and the offer up 1.26 per cent to USD 2,882 per tonne from USD 2,845.5 per tonne and USD 2,846 per tonne respectively.
For forward trades, the December 26 bid climbed 1.40 per cent to USD 2,902 per tonne, while the offer advanced by the same margin to USD 2,907 per tonne, compared to USD 2,862 per tonne and USD 2,867 per tonne a day earlier.
The LME aluminium 3-month Asian Reference Price stood at USD 2,884 per tonne on October 31.
Inventories on the LME saw a significant build-up. Opening stocks jumped 21.44 per cent to 558,050 tonnes, while live warrants surged 25.27 per cent to 506,950 tonnes. In contrast, cancelled warrants dropped 6.84 per cent to 51,100 tonnes.
Meanwhile, the LME alumina Platts price was reported at USD 319.98 per tonne.
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