LME aluminium offer rises 2.01% to $3,103/t on stronger trading day; opening stock falls 0.40%

Aluminium prices on the London Metal Exchange (LME) recorded a notable increase on February 3 compared with the previous trading session, while exchange inventories moved lower. On February 3, the LME aluminium cash bid stood at USD 3,102 per tonne and the cash offer at USD 3,103 per tonne, rising from USD 3,041 per tonne bid and USD 3,042 per tonne offer on February 2. This marks a 2.01 per cent day-on-day increase in the cash bid and a 2.01 per cent rise in the cash offer.

In the forward market, the LME aluminium 3-month bid climbed to USD 3,112.5 per tonne and the 3-month offer reached USD 3,113 per tonne on February 3, up from USD 3,065 per tonne bid and USD 3,066 per tonne offer on February 2. The bid increased by 1.55 per cent, while the offer advanced by 1.53 per cent.

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The December 27 contract also strengthened. The bid price rose to USD 3,035 per tonne on February 3 from USD 3,003 per tonne on February 2, reflecting a 1.07 per cent gain. The offer price moved up to USD 3,040 per tonne from USD 3,008 per tonne, registering a 1.06 per cent increase.

The LME aluminium 3-month Asian Reference Price was assessed at USD 3,106.5 per tonne on February 3.

On the inventory front, LME aluminium opening stock declined to 495,175 tonnes on February 3 from 497,175 tonnes on February 2, indicating a 0.40 per cent drop. Live warrants remained unchanged at 440,650 tonnes, while cancelled warrants fell from 56,525 tonnes to 54,525 tonnes, down 3.54 per cent.

The LME alumina Platts price stood at USD 306 per tonne.

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