LME aluminium price continues to surpass a four-year high as cash offer climbs to $3,768/t on May 14

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The London Metal Exchange (LME) aluminium price on May 14 rose further to its four-year high, surpassing the previous day’s closing for both the spot and longer-dated contracts. Additionally, LME inventory declined, while cancelled warrants increased from the last day.

The LME cash bid and cash offer rose by USD 38 per tonne and USD 38.5 per tonne, respectively, owing to a difference of 1 per cent, where the bid moved from USD 3,729 per tonne to USD 3,767 per tonne and the offer from USD 3,729.5 per tonne to USD 3,768 per tonne.

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Concurrently, the LME forward-dated contracts also rose by USD 16.5 per tonne and USD 16 per tonne, respectively, reflecting a change of 0.5 per cent, where the LME 3-month bid inched to USD 3,665.5 per tonne from USD 3,649 per tonne and the 3-month offer was recorded at USD 3,666 per tonne, up from USD 3,650 per tonne.

Concerning the LME longer-dated contracts, a slight increase in the LME December 27 price bid and offer has been seen, where the bid rose from USD 3,180 per tonne to USD 3,190 per tonne and the offer increased from USD 3,185 per tonne to 3,195 per tonne, showing a change of USD 10 per tonne or 0.3 per cent.

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Similarly, the LME 3-month Asian Reference Price on May 14 also rose by USD 5 per tonne or 0.1 per cent, rising to USD 3,657.5 per tonne from USD 3,652.5 per tonne.

At the inventory level, a downward movement has been seen, where the opening stock moved down by 2,250 tonnes or 1 per cent, changing from 351,000 tonnes to 348,750 tonnes. At the same time, the live warrant decreased by 10 thousand tonnes or 3 per cent, moving down from 301,725 tonnes to 291,725 tonnes.

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However, the LME cancelled warrants rose by 7,750 tonnes or 16 per cent from the previous day’s close and moved to 54,775 tonnes from 47,025 tonnes.

The LME alumina platts price dropped by USD 0.6 per tonne or 0.2 per cent, reaching USD 305.90 per tonne from 306.5 per tonne.

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