After a slight decline on November 11, the London Metal Exchange (LME) aluminium price gained traction on November 12.
The LME cash bid on November 12 rose by USD 15.5 per tonne or 0.55 per cent, up from USD 2,840 per tonne to USD 2,855.5 per tonne. The cash offer also rose by USD 15 per tonne or 0.53 per cent, from USD 2,841 per tonne to USD 2,856 per tonne.
For the 3-month contract, both the bid and offer improved by USD 23 per tonne or 0.8 per cent, where the bid rose from USD 2,865 per tonne to USD 2,888 per tonne and the offer from USD 2,866 per tonne to USD 2,889 per tonne.
Similarly, the December 26 contract also increased by USD 23 per tonne or 0.8 per cent and bid settled at USD 2,920 per tonne, up from USD 2,897 per tonne and offer at USD 2,925 per tonne, from USD 2,902 per tonne.
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The LME aluminium 3-month Asian Reference Price went up by USD 20 per tonne or 0.7 per cent and is currently at USD 2,894.5 per tonne, showing a significant rise from USD 2,874.5 per tonne.
Concerning the inventory, the opening stock expanded by 1,150 tonnes to reach 544,075 tonnes. The live warrant, after being steady for a long time, increased by 850 tonnes on November 12 and stood at 510,400 tonnes. The cancelled warrant changed by 2,000 tonnes, jumping from 35,675 tonnes to 33,675 tonnes.
The LME Alumina Platts price held firm at USD 319.25 per tonne.
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