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After witnessing a slight ease on April 28, the London Metal Exchange (LME) aluminium price again rose on April 29. However, the 3-month Asian Reference Price and the LME inventory continued to decline from the previous close.
{alcircleadd}On April 29, the cash bid rose by USD 4.5 per tonne or 0.13 per cent, shifting from USD 3,599 per tonne to USD 3,603.5 per tonne. Similarly, the cash offer also rose by USD 4 per tonne or 0.11 per cent, rising from USD 3,600 per tonne to USD 3,604 per tonne.
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The upward trend continued in the LME 3-month bid, increasing by USD 20 per tonne or 0.6 per cent, from USD 3,535 per tonne to USD 3,555 per tonne. Concurrently, the 3-month offer finally settled at USD 3,556 per tonne, up from USD 3,537 per tonne, owing to a difference of USD 19 per tonne or 0.53 per cent.
At the longer dated contracts, the LME December 27 bid and offer expanded by USD 25 per tonne or 0.8 per cent, where the bid changed to USD 3,125 per tonne from USD 3,100 per tonne and the offer from USD 3,105 per tonne to USD 3,130 per tonne.
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In contrast, the LME 3-month Asian Reference Price dipped from USD 3,538.5 per tonne to USD 3,488.5 per tonne, showing a change of USD 50 per tonne or 1.4 per cent.
At the inventory front, the opening stock decreased to 370,275 tonnes from 372,700 tonnes, owing to a shift of 2,425 tonnes or 0.7 per cent. Similarly, a decrease in the LME live warrants is seen, where it shifted from 335 thousand tonnes to 331,675 tonnes, reflecting a change of 3,325 tonnes or 1 per cent.
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However, on the other hand, the cancelled warrant increased from 35,275 tonnes to USD 36,525 tonnes, showing a change of 1,250 tonnes or 3.5 per cent.
The LME alumina platts price on April 29 stood at USD 307.40 per tonne.
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