LME aluminium price drops 1.35%; stocks remain stable at 238,875 on October 8

The London Metal Exchange (LME) aluminium price chart dropped over 1 per cent across the pricing and contract segments in the October 8 trading session, reporting declines over the October 7 close. Opening stocks remained stable and cancelled warrants reported a further rise. 

The LME aluminium cash bid and offer prices dropped by 1.35 per cent day-on-day. The bid contracted from USD 3,102 per tonne to USD 3,060 per tonne. The offer price moved from USD 3,102.5 per tonne to USD 3,060.5 per tonne.

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The LME aluminium three-month bid slumped from USD 3,112 per tonne to USD 3,068.5 per tonne, decreasing by 1.4 per cent. The offer price plunged from USD 3,114 per tonne to USD 3,069 per tonne, representing a 1.45 per cent dip.

Both the December 27 bid and offer prices reported a 1.21 per cent decline. The bid slipped to USD 3,025 per tonne from USD 3,062 per tonne, and the offer closed at USD 3,030 per tonne, decreasing from USD 3,067 per tonne.

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The LME aluminium three-month Asian Reference Price closed at USD 3,050.5 per tonne on October 8, plunging from USD 3,117 per tonne on October 7 by 2.1 per cent.

On the aluminium inventory front, the LME aluminium opening stocks remained stable at 238,875 tonnes on October 8.

Live warrants reported fell further from 223,250 tonnes to 222,550 tonnes, down 0.31 per cent.

Cancelled warrants continued to surge, rising from 15,625 tonnes to 16,325 tonnes, representing a 4.48 per cent gain.

LME alumina Platts price remained unchanged at USD 372.84 per tonne on October 8.

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