LME aluminium cash prices recover to $3,260/t while stocks continue downward

The London Metal Exchange (LME) aluminium prices rebounded on the August 6 session, with cash, forward and longer-dated contracts all recording gains over the previous trading day. LME aluminium inventories, however, continued to decline, while the LME alumina Platts price also moved higher.

The LME aluminium cash bid increased by 0.97 per cent day-on-day on August 6, rising from USD 3,228.5 per tonne to USD 3,260 per tonne, while the cash offer gained 0.99 per cent, climbing from USD 3,229 per tonne to USD 3,261 per tonne.

On August 6, the LME aluminium three-month bid price rose from USD 3,229 per tonne on August 5 to USD 3,258 per tonne, marking a 0.90 per cent increase. The three-month offer advanced by 0.94 per cent, moving up from USD 3,229.5 per tonne to USD 3,260 per tonne.

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In the longer-dated contracts, the Dec-27 bid price rose by 0.87 per cent, increasing from USD 3,160 per tonne to USD 3,188 per tonne, while the Dec-27 offer price gained 0.88 per cent, climbing from USD 3,165 per tonne to USD 3,193 per tonne. 

The LME aluminium three-month Asian Reference Price closed at USD 3,259 per tonne on August 6, recording a 0.55 per cent increase from USD 3,241 per tonne on August 5.

LME aluminium opening stocks continued to decline on August 6, falling from 260,900 tonnes to 259,400 tonnes, reflecting a 0.57 per cent decrease.

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Live warrants remained unchanged at 244,650 tonnes.

Meanwhile, cancelled warrants dropped from 14,750 tonnes to 13,250 tonnes, marking a 10.17 per cent decline.

LME alumina Platts rose to USD 347 per tonne on August 6, indicating a 0.70 per cent increase from USD 344.6 per tonne recorded on August 5.