LME aluminium price cools nearly 1% on October 29; Asian Ref Price jumps to $3,078.5/t

The London Metal Exchange (LME) aluminium price graph broke the rising streak on October 29, cooling after maintaining an upward trend for seven consecutive sessions. The session reported declines of nearly 1 per cent across the cash and near-term contracts over the October 28 close.

The LME aluminium cash bid price dropped by 0.95 per cent from USD 3,100 per tonne to USD 3,070.5 per tonne. The offer price slipped from USD 3,101 per tonne to USD 3,071 per tonne, down 0.98 per cent day-on-day.

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The LME aluminium three-month bid slumped from USD 3,083.5 per tonne to USD 3,062 per tonne, decreasing by 0.7 per cent. The offer price plunged from USD 3,084 per tonne to USD 3,064 per tonne, representing a 0.65 per cent dip.

Both the December 27 bid and offer prices reported a 0.17 per cent decline. The bid slipped to USD 2,975 per tonne from USD 2,980 per tonne, and the offer contracted to USD 2,980 per tonne from USD 2,985 per tonne.

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Contrary to the pricing and contract segments, the LME aluminium three-month Asian Reference Price jumped by 0.18 per cent from USD 3,073 per tonne to USD 3,078.5 per tonne.

On the aluminium inventory front, the LME aluminium opening stocks reported a slight 0.09 per cent decline from 232,100 tonnes to 231,900 tonnes on October 29.

Live warrants remained unchanged at 217,450 tonnes. Again, cancelled warrants fell from 14,450 tonnes to 14,225 tonnes, marking a 1.56 per cent drop.

LME alumina Platts price closed at USD 385.01 per tonne on October 29.

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