LME aluminium price rallies as cash offer reaches $3,655/t, again slowing moving to its four-year high

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On May 11, the London Metal Exchange (LME) aluminium price continued to rise significantly from the previous close, again racing towards a four-year high. Along with the price, the LME inventory also rose compared to the previous day’s close. On the other hand, the LME alumina platts price on May 11 showed no change.

The LME cash bid rose by USD 94 per tonne from USD 3,560 per tonne to USD 3,654 per tonne and the cash offer settled at USD 3,655 per tonne, from USD 3,560.5 per tonne, reflecting a change of USD 94.5 per tonne and both showed a 3 per cent change in total.

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A similar impact is seen on the LME 3-month bid and offer, where the former changed from USD 3,511 per tonne to USD 3,570 per tonne, owing to a change of USD 59 per tonne or 2 per cent and the latter changed from USD 3,511.5 per tonne to USD 3,571 per tonne, owing to a difference of USD 59.5 per tonne or 2 per cent.

The LME longer-dated contracts also witnessed the change, where both the December 27 bid and offer changed by USD 35 per tonne or 1 per cent, where the bid moved from USD 3,118 per tonne to USD 3,153 per tonne and the offer finally stood at USD 3,123 per tonne from USD 3,158 per tonne.

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The LME 3-month Asian Reference Price on May 11 rose from USD 3,503 per tonne to USD 3,579.5 per tonne, owing to a difference of USD 76.5 per tonne or 2 per cent.

At the inventory level, the opening stock changed from 358,225 tonnes to 355,775, showing a dip of 2,450 tonnes or 1 per cent. The declining trend continued in the cancelled warrants, where it moved down from 24,050 tonnes to 21,625 tonnes, inching down by 2,425 tonnes or 10 per cent.

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However, the LME live warrants remain unchanged from the previous day’s close and as of May 11, it is at 331,725 tonnes.

Concurrently, no change has been witnessed in the LME alumina platts price on May 11 and it is currently at USD 307.15 per tonne.

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