LME aluminium offer price slips to $3,174/t, but aluminium rally continues week-on-week due to supply-side constraints

On January 15, the LME aluminium cash bid price settled at USD 3,173.5 per tonne, down from USD 3,220.5 per tonne on January 14, marking a 1.46 per cent day-on-day decline. The cash offer price eased to USD 3,174 per tonne from USD 3,221 per tonne, also reflecting a 1.46 per cent decrease.

The three-month aluminium contract followed a similar trend. The bid price fell to USD 3,175.5 per tonne on January 15 from USD 3,204 per tonne a day earlier, a 0.89 per cent decline. The offer price slipped to USD 3,176 per tonne from USD 3,205 per tonne, down 0.90 per cent day on day.

For the December 27 contract, the bid price softened to USD 3,145 per tonne from USD 3,167 per tonne, recording a 0.69 per cent decline. The offer price moved down to USD 3,150 per tonne from USD 3,172 per tonne, also a 0.69 per cent decrease.

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The LME aluminium 3-month Asian Reference Price on January 15 was recorded at USD 3,167.5 per tonne.

On the inventory front, LME aluminium opening stocks slipped to 490,000 tonnes on January 15 from 492,000 tonnes on January 14, a 0.41 per cent decrease. Live warrants remained unchanged at 446,575 tonnes, while cancelled warrants declined to 43,425 tonnes from 45,425 tonnes.

Though the aluminium price showed a minor day-on-day decrease, the broader trend remains firm, with an aluminium rally evident on a week-on-week basis. The increase in aluminium price is being driven by supply-side constraints, particularly China’s aluminium cap of 45 million tonnes, which is tightening global supply and reinforcing the ongoing aluminium rally.

Meanwhile, the LME alumina Platts price stood at USD 307.86 per tonne.

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