LME aluminium price recovers to $3,147/t as live warrants fall 1.46% on November 9
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The London Metal Exchange (LME) aluminium price chart recovered on the November 9 trading session, wish cash reporting nearly 1 per cent gain compared to the November 6 close. Longer-dated contracts and inventories, however, edged lower.
The LME aluminium cash bid as well as offer prices gained 0.96 per cent day-on-day on November 9. The bid recovered from USD 3,115 per tonne to USD 3,145 per tonne. The offer price surged from USD 3,117 per tonne to USD 3,147 per tonne.
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The LME aluminium three-month bid price reported a 0.33 per cent rise from USD 3,049 per tonne on November 6 to USD 3,059 per tonne on November 9. The offer price gained 0.31 per cent, climbing from USD 3,050 per tonne to USD 3,059.5 per tonne.
Contrary to these upward trends, both the December 27 bid and offer prices reported a 0.51 per cent slump over the previous session. The bid contracted from USD 2,950 per tonne to USD 2,935 per tonne, and the offer eased from USD 2,955 per tonne to USD 2,940 per tonne.
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The LME aluminium three-month Asian Reference Price closed at USD 3066.5 per tonne on November 9, up 0.13 per cent from USD 3,062.5 per tonne on November 6.
The decline ap to reflect in the inventory counts. The LME aluminium opening stocks slipped by 0.38 per cent from 228,475 tonnes to 227,600 tonnes.
Live warrants fell 1.46 per cent to 207,525 tonnes on November 9 from 210,600 tonnes on November 6.
Cancelled warrants, on the other hand, advanced to 19,450 tonnes from 17,000 tonnes, indicating a 14.41 per cent gain.
LME alumina Platts price remained stable at USD 398.24 per tonne on November 9.
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