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The May 21 session on the London Metal Exchange (LME) aluminium prices witnessed a drastic recovery in the aluminium market trend from the declining graph in the May 20 session. Figures improved across cash, benchmark and contracts, while the declining stocks and warrants indicated a worldwide aluminium supply shortage.
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The LME aluminium cash bid jumped from USD 3,643 per tonne on May 20 to USD 3,718 per tonne on May 21, rising by 2.06 per cent. The offer climbed from USD 3,644 per tonne to USD 3,720 per tonne, gaining 2.08 per cent.
The LME aluminium three-month bid as well as offer prices gained 1.64 per cent on May 21. As the bid edged up from USD 3,589 per tonne to USD 3,648 per tonne, the offer price rose from USD 3,590 per tonne to USD 3,649 per tonne.
Both the December 2027 bid and offer price increased by 0.94 per cent on the close of May 21. The bid price reached USD 3,222 per tonne, up from USD 3,192 per tonne, while the offer price closed at USD 3,227 per tonne, rising from USD 3,197 per tonne.
The LME aluminium three-month Asian Reference Price closed at USD 3,637 per tonne on May 21.
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On the inventory front, LME aluminium opening stock recorded further decline, slipping 0.32 per cent from 340,575 tonnes on May 20 to 339,475 tonnes on May 21. Live warrants, contrary to the previous close, closed with a decline from 273,775 tonnes to 265,075 tonnes, reflecting a difference of 3.18 per cent.
Cancelled warrants, on the other hand, recovered from 65,700 tonnes to 74,400 tonnes, increasing by 13.24 per cent.
LME alumina Platts price stood at USD 307.67 per tonne on May 21, marking a 0.6 per cent decline from USD 309.52 per tonne on May 20.
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