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The London Metal Exchange (LME) aluminium prices made a modest recovery on July 16. Cash price and futures contracts improved over the previous session’s figures, while the continued decline of opening stocks indicated market volatility.
{alcircleadd}On July 16, the LME aluminium cash bid price edged up from USD 3,153 per tonne to USD 3,169 per tonne, reporting a 0.51 per cent improvement. The offer price moved from USD 3,153.5 per tonne to USD 3,170 per tonne, rising by 0.52 per cent.
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The LME aluminium three-month contract bid as well as offer prices surged 0.51 per cent. While the bid moved from USD 3,150 per tonne to USD 3,166 per tonne, the offer rose from USD 3,150.5 per tonne to USD 3,166.5 per tonne.
Longer-dated contracts reported recovery as well. Both the December 2027 bid and offer prices inched up by 0.49 per cent on July 16. The bid shifted from USD 3,085 per tonne to USD 3,100 per tonne, as the offer price improved from USD 3,090 per tonne to USD 3,105 per tonne.
The LME aluminium three-month Asian Reference Price stood at USD 3,185 per tonne on July 16, compared to USD 3,150 per tonne on July 15, indicating a rise 1.11 of per cent.
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On the inventory front, LME aluminium opening stock declined further to 283,100 tonnes on July 16 compared to 284,600 tonnes on July 15, reflecting a difference of 0.53 per cent. Live warrants shifted from 246,300 tonnes to 245,900 tonnes, reporting a 0.16 per cent decline.
Similarly, cancelled warrants dropped to 35,700 tonnes from 36,800 tonnes, representing a 3.08 per cent decline.
Meanwhile, the LME alumina Platts price remained unchanged at USD 330.2 per tonne.
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