

On March 16, the London Metal Exchange (LME) aluminium price, even after being amidst the war and supply crunch due to the temporary closure of the Strait of Hormuz, after days of an upward rising trend, has calmed down. However, at the longer dated contracts, the LME price seems to continue its upswing.
{alcircleadd}Both the LME cash bid and offer inched down by USD 80 per tonne or 2.3 per cent, where the bid shifted from USD 3,519.5 per tonne to USD 3,439.5 per tonne. At the same time, the cash offer changed from USD 3,520 per tonne to USD 3,440 per tonne.
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A similar trend is seen in the LME longer-dated contract, where the 3-month bid rose by USD 70.5 per tonne or 2 per cent, shifting from USD 3,485.5 per tonne to USD 3,415 per tonne. Concurrently, the LME 3-month offer reflected a difference of USD 69 per tonne or 2 per cent and was recorded at USD 3,417 per tonne from USD 3,486 per tonne.
On the other hand, in the futures contracts, both the LME December 27 bid and offer increased from the previous close by USD 13 per tonne or 0.4 per cent, where the bid changed from USD 3,017 per tonne to USD 3,030 per tonne. Simultaneously, the offer settled at USD 3,035 per tonne, shifting from USD 3,022 per tonne.
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The 3-month Asian Reference Price also saw a decline from the previous day's close by USD 44 per tonne or 1.3 per cent, changing from USD 3,439.5 per tonne to USD 3,395.5 per tonne.
At the inventory level, the opening stock changed by 2,000 tonnes or 0.4 per cent, which on March 16 was recorded at 445,300 tonnes, changing from 447,300 tonnes. Similarly, the live warrant shifted by 1,000 tonnes from 272,800 tonnes to 271,800 tonnes. The cancelled warrant also rose by 1,475 tonnes and it finally stood at 171,025 tonnes from 172,500 tonnes.
A slight dip is also seen in the LME alumina platts price by USD 1.46 per tonne or 0.5 per cent, shifting from USD 302.86 per tonne to USD 301.40 per tonne.
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