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The London Metal Exchange (LME) aluminium prices eased on the May 22 session after shooting up on the May 21 session. The cash price, however, remained above USD 3,700 per tonne. Longer dated contracts continued to rise, and stocks did not record further decline.
{alcircleadd}The LME aluminium cash bid eased 0.34 per cent day-on-day on May 22, down from USD 3,718 per tonne to USD 3,705.5 per tonne. The offer shifted from USD 3,720 per tonne to USD 3,706, representing a difference of 0.38 per cent.
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On May 22, the LME aluminium 3-month bid price slipped from USD 3,648 per tonne on May 21 to USD 3,641.5 per tonne, marking a 0.18 per cent drop. The offer price recorded a slight decline of 0.19 per cent, moving from USD 3,649 per tonne to USD 3,642 per tonne.
Unlike the declining trend in prices and near-term contracts, on the longer-dated contracts, both the Dec-27 bid and offer prices recorded a 0.34 per cent gain over the previous session. The bid closed at USD 3,233 per tonne, climbing from USD 3,222 per tonne, and the offer soared to USD 3,238 per tonne from USD 3,227 per tonne.
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The LME aluminium 3-month reference price closed at USD 3,621.5 on May 22, continuing the rising trend by 0.43 per cent from USD 3,637 per tonne on May 21.
LME aluminium stocks recorded further decline as of May 22. The opening stocks recorded no change, remaining at 339,475 tonnes, the trend reappearing after two months since the March 25 session.
Live Warrants slumped from 265,075 tonnes to 263,900 tonnes, representing a dip of 0.44 per cent.In contrast, cancelled warrants amounted to 75,575 tonnes, rising 1.58 per cent from 74,400 tonnes.
LME alumina platts remained unchanged at USD 307.67 per tonne on May 22.
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