LME aluminium cash prices soar beyond $3,300/t while inventories slide downhill

The London Metal Exchange (LME) aluminium prices soared on March 26 compared to the previous close. Both cash and futures contracts reported gains by wide margins, while exchange inventories continued to falter. 

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The LME aluminium cash bid as well as offer price rose 1.14 per cent. The bid price shifted from USD 3,294 per tonne on March 25 to USD 3,331.5 per tonne on March 26. Meanwhile, the cash offer price climbed from USD 3,294.5 per tonne to USD 3,332 per tonne.

The three-month contract followed a similar trend. The LME aluminium 3-month bid as well as offer price recorded a gain of 0.8 per cent. The bid price edged up from USD 3,245 per tonne on March 25 to USD 3,271 per tonne on March 26, while the offer price rose from USD 3,247 per tonne to USD 3,273 per tonne.

As observed in the previous close, an easing trend followed in the future contracts. The December 2027 bid price shifted from USD 2,945 per tonne to USD 2,900 per tonne, marking a 1.53 per cent decrease. The offer price slipped from USD 2,950 per tonne to USD 2,905 per tonne, also dropping by 1.53 per cent. 

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The LME aluminium 3-month Asian Reference Price stood at USD 3,269.5 on March 26, compared to USD 3,242.5 per tonne on March 25, indicating a 0.83 per cent gain.

On the inventory front, after remaining unchanged in the previous close, the LME aluminium opening stocks declined to 426,750 tonnes on March 26 compared to 427,675 tonnes on March 25, reflecting a 0.22 per cent decline. Live warrants remained unchanged from the previous day’s close, at 272,825 tonnes. Again, cancelled warrants dropped to 150,250 tonnes from 153,295 tonnes, marking a 1.99 per cent decrease.  

Meanwhile, the LME alumina Platts price settled at USD 307.11 per tonne, slipping from USD 307.2 per tonne on the previous close by 0.03 per cent. 

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