The week opened with the London Metal Exchange (LME) aluminium prices moving upward and the inventories contracting.
The LME cash bid rose by USD 27 per tonne or 0.95 per cent to finally settle at USD 2,867 per tonne, up from USD 2,840 per tonne. Concurrently, the LME cash bid rose by USD 26.5 per tonne or 0.93 per cent, reaching USD 2,867.5 per tonne, up from USD 2,841 per tonne.
Both the 3-month bid and offer rose by USD 31.5 per tonne or 1.1 per cent and each adjudicated at USD 2,882.5 per tonne and USD 2,883 per tonne, up from USD 2,851 per tonne and USD 2,851.5 per tonne, respectively.
A similar trend had been seen at the LME forward contracts when the December 26 bid and offer significantly rose by USD 30 per tonne or 1 per cent. December 26 bid settled rose from USD 2,878 per tonne to USD 2,908 per tonne and offer increased from USD 2,883 per tonne to USD 2,913 per tonne.
The LME aluminium 3-month Asian Reference Price on November 10 grew by USD 21.5 per cent or 0.75 per cent to reach USD 2,869.5 per tonne from USD 2,848 per tonne.
At the inventory front, both the LME opening stock and cancelled warrant declined by 2,000 tonnes or 0.4 per cent, and each was recorded at 547,225 tonnes and 37,675 tonnes, up from 549,225 tonnes and 39,675 tonnes. On the other hand, the live warrants reflected no change from the previous close and are still at 509,550 tonnes.
LME alumina Platts price remained unchanged at USD 319.25 per tonne.
Explore our B2B marketplace - AL Biz
Responses
