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Momentum in the London Metal Exchange (LME) aluminium prices heightened at the close of the May 5 session. The rising trend from May 1 continued with consistency, while stocks kept edging downwards.
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The LME aluminium cash bid as well as offer prices surged by 1.34 per cent from the closing figures on the May 1 session. The bid rose from USD 3,583 per tonne to USD 3,631 per tonne, while the offer climbed from USD 3,584 per tonne to USD 3,632 per tonne.
The three-month contract followed a similar trend. The LME aluminium three-month bid and offer prices reported a gain of 1.14 per cent. As the bid edged up from USD 3,522 per tonne on May 1 to USD 3,562 per tonne on May 5, the offer price rose from USD 3,523 per tonne to USD 3,563 per tonne.
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Longer-dated contracts repeated the upward trend. Both the December 2027 bid and offer price increased by 1.13 per cent on the close of May 5. The bid price surged from USD 3,107 per tonne to USD 3,142 per tonne, while the offer price inched up from USD 3,112 per tonne to USD 3,147 per tonne.
The LME aluminium three-month Asian Reference Price closed at USD 3,589 per tonne on May 5, up 1.9 per cent from USD 3,522 per tonne on May 1.
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On the inventory front, LME aluminium opening stock declined further to 364,752 tonnes on May 5, down 0.63 per cent from 367,050 tonnes on May 1. Live warrants dropped from 332,600 tonnes to 331,925 tonnes, recording a decline of 0.2 per cent. Cancelled warrants too slipped from 36,525 tonnes to 30,800 tonnes, marking a 15.67 per cent decrease.
LME alumina Platts price dipped from USD 309.6 per tonne on May 1 to USD 308 per tonne, decreasing by 0.52 per cent.
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