LME aluminium price dips to $3,095/t; Asian Ref, alumina prices gain nearly 1%
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The London Metal Exchange (LME) aluminium price graph dipped across the pricing and contract segments on the November 2 trading session, reporting declines over the October 30 close. The Asian Reference Price and alumina Platts price, on the other hand, reported nearly 1 per cent gains.
The LME aluminium cash bid price dipped by 0.63 per cent from USD 3,113.5 per tonne to USD 3,094 per tonne. The offer price moved from USD 3,114 per tonne to USD 3,095 per tonne, down 0.61 per cent day-on-day.
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The LME aluminium three-month bid advanced from USD 3,078 per tonne from USD 3,059.5 per tonne, decreasing by 0.6 per cent. The offer price, down from USD 3,080 per tonne to USD 3,060 per tonne, representing a 0.65 per cent decline.
The downward curve remained consistent in the longer-dated contracts as both the December 27 bid and offer prices reported a 0.84 per cent plunge. The bid dropped to USD 2,962 per tonne from USD 2,987 per tonne, and the offer closed at USD 2,967 per tonne, rising from USD 2,992 per tonne.
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Contrary to the downward trend, the LME aluminium three-month Asian Reference Price closed at USD 3,094 per tonne on November 2, rising by 0.82 per cent from USD 3,069 per tonne on October 30.
On the aluminium inventory front, the LME aluminium opening stocks dipped by 0.21 per cent from 231,675 tonnes to 231,200 tonnes.
Live warrants reported a 0.23 per cent decline, down from 217,450 tonnes to 216,950 tonnes.
On the contrary, cancelled warrants moved to 13,825 tonnes from 13,750 tonnes, reflecting a 0.55 per cent rise.
LME alumina Platts price surged further to USD 397 per tonne on November 2 USD 394.5 per tonne on October 30, marking a 0.63 per cent gain.
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