LME aluminium price drops below $3,300/t on September 2, stocks remain steady

The London Metal Exchange (LME) aluminium price faltered across the pricing and contract segments on the September 2 close. The trend reflected a contrast of the surge reported in the September 1 session.

The LME aluminium cash bid pulled back by 0.18 per cent day-on-day on September 2, down to USD 3,254.5 per tonne from USD 3,260.5 per tonne. The offer shifted to  USD 3,255.5 per tonne from USD 3,261 per tonne, marking a difference of 0.17 per cent.to

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On September 2, the LME aluminium three-month bid price contracted to USD 3,253 per tonne from USD 3,260 per tonne on September 1, reporting a 0.22 per cent drop. The offer price recorded a decline of 0.23 per cent, shifting to USD 3,253.5 per tonne from USD 3,261 per tonne.

The declining trend persisted in the longer-dated contracts, with both the December 27 bid and offer prices reporting a 0.32 per cent drop over the previous session. The bid, softening from USD 3,175 per tonne, closed at USD 3,165 per tonne, and the offer slumped from USD 3,180 per tonne to USD 3,170 per tonne.

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Contrary to the declining trend, the LME aluminium three-month Asian Reference Price closed at USD 3,283.5 per tonne on September 2, marking a 0.08 per cent rise over USD 3,281 per tonne reported on September 1.

Moving on to the inventory levels, the LME aluminium opening stocks remained steady at 246,725 tonnes from the previous trading session.

Meanwhile, live warrants plunged by 0.12 per cent from 242,500 tonnes to 242,200 tonnes.

Cancelled warrants dipped from 4,225 tonnes to 4,025 tonnes, indicating a 4.73 per cent decline.

LME alumina Platts remained closed at USD 305.09 per tonne on September 2.

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