LME aluminium cash prices make a fast recovery with 1.39% rise, while stocks follow a declining graph

London Metal Exchange (LME) aluminium prices weakened across most contracts on February 16, reflecting a broad pullback from the previous session, while exchange inventories continued to edge lower.

The LME aluminium cash bid price settled at USD 3,037 per tonne on February 16 from USD 2,995 per tonne on February 13, marking a 1.4 per cent increase. The cash offer price followed a similar trend, reaching USD 3037.5 per tonne from USD 2,996 per tonne, also up by 1.39 per cent day-on-day.

In the futures market, the LME aluminium 3-month bid price edged upwards to USD 3,072 per tonne, compared with USD 3,027 per tonne the previous day, recording a 1.49 per cent increase. The 3-month offer price climbed to USD 3,074 per tonne from USD 3,028 per tonne, a hike of 1.52 per cent.

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Prices further along the curve saw improvement. The December 27 bid price concurrently rose to USD 3,068 per tonne on February 16 from USD 3,025 per tonne on February 13, increasing by 1.42 per cent. Following a similar trajectory, the offer price was recorded at USD 3,073 per tonne from USD 3,030 per tonne, depicting a similar 1.42 per cent increase.

The LME aluminium 3-month Asian Reference Price showed a decline, standing at USD 3,052.5 per tonne on February 16, down by 0.81 per cent from USD 3,077.5 per tonne on February 13.

On the inventory front, LME aluminium opening stocks recorded a significant decline to 479,550 tonnes on February 16 from 481,550 tonnes on February 13, reflecting a 0.41 per cent decrease. Live warrants remained unchanged at 436,425 tonnes. On the other hand, cancelled warrants declined further to 43,125 tonnes from 45,125 tonnes, marking a sharp 4.43 per cent drop, as continued metal outflows are recorded.

In the raw materials market, the LME alumina Platts price settled at USD 306.93 per tonne, the same as the previous day’s close.

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