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The downward movement in the London Metal Exchange (LME) aluminium price continued on May 7 after the previous day's close. The LME inventory also declined, but only the live warrants showed no change from the previous day.
{alcircleadd}The LME cash bid inched down further from USD 3,596 per tonne on May 6 to USD 3,558.5 per tonne on May 7, owing to a difference of USD 37.5 per tonne or 1 per cent. Concurrently, the LME cash offer on May 6 settled at USD 3,597 per tonne, but on May 7, it was at USD 3,559 per tonne, reflecting a shift of USD 38 per tonne or 1.1 per cent.
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The declining trend continued in the LME 3-month bid and offer, where both showed a difference of USD 35.5 per tonne or 1 per cent from the previous close. To this, the 3-month bid moved from USD 3,544.5 per tonne to USD 3,509 per tonne and offer from USD 3,545.5 per tonne to USD 3,510 per tonne.
At the same time, on May 7, both the LME longer-dated contracts declined by USD 15 per tonne or 0.5 per cent, where the LME December 27 bid was recorded at 3,125 per tonne, changing from USD 3,140 per tonne and the December 27 offer was at USD 3,130 per tonne, from USD 3,145 per tonne.
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On May 7, the LME Asian Reference Price decreased to USD 3,493 per tonne from USD 3,522.5 per tonne, inching down by USD 29.5 per tonne or 1 per cent.
On the inventory side, the opening stock further moved down by 2,500 tonnes or 0.7 per cent, where on May 7 it was at 360,225 tonnes and on May 6 it was at 362.725 tonnes. Simultaneously, the cancelled warrant declined by 2,000 tonnes or 7 per cent, shifting from 28,500 tonnes on May 6 to 26,500 tonnes on May 7.
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However, on May 7, the LME live warrant showed no change and is still at 331,725 tonnes.
The LME alumina platts changed from USD 308 per tonne to USD 307.15 per tonne, owing to a difference of USD 0.85 per tonne or 0.3 per cent.
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