LME aluminium eases with a cash offer at $3,166.5 per tonne, but supply signals stay firm

From the previous close, the London Metal Exchange (LME) aluminium prices showed a slight dip. This declining trend followed in the LME inventory side, which is deemed to create a supply shortage globally, with a rise in price. 

On January 27, the LME cash bid declined from USD 3,190 per tonne to USD 3,166 per tonne, showing a difference of USD 24 per tonne or 0.8 per cent. Similarly, the cash offer inched down from USD 3,192 per tonne to USD 3,166.5 per tonne, reflecting a difference of USD 25.5 per tonne or 0.8 per cent. 

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The shrink followed in the 3-month bid and offer as both moved down by USD 17.5 per tonne or 0.5 per cent, where the bid reached USD 3,177.5 per tonne from USD 3,195 per tonne and the offer to USD 3,178 per tonne from USD 3,195.5 per tonne. 

Likewise, the forward contracts also declined when the LME in the December 27 bid and offer saw a devaluation of USD 28 per tonne or 0.9 per cent, with bid settling at USD 3,105 per tonne from USD 3,133 per tonne and offer at USD 3,110 per tonne from USD 3,138 per tonne. 

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The 3-month LME Asian Reference Price, on the other hand, on January 27 increased by USD 18.5 per tonne or 0.6 per cent, moving from USD 3,188.5 per tonne to USD 3,207 per tonne. 

At the inventory front, the LME opening stock declined by 3,025 tonnes or 0.6 per cent and stood at 502,250 tonnes from 505,275 tonnes. The live warrants also decreased by 2,775 tonnes or 0.6 per cent and are currently at 479,500 tonnes on January 27 from 482,275 tonnes. From the previous day’s close, the LME cancelled warrant slightly nudged down by 250 tonnes or 1 per cent, moving from 23,000 tonnes to 22,750 tonnes. 

The LME alumina platts price stood at USD 307.2 per tonne. 

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