LME aluminium price rises to $3,119/t as stocks drop 1.08% on the July 7 close

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The London Metal Exchange (LME) aluminium price chart showed improvement on the July 7 session. Gains were posted across all the pricing segments, barring the opening stocks and cancelled warrants, which continued to edge lower.

On July 7, the cash bid reached USD 3,118 per tonne, up 0.44 per cent from USD 3,104.5 per tonne on July 6. The offer price rose by 0.45 per cent to USD 3,119 per tonne from USD 3,105 per tonne.

The LME three-month contract bid edged up to USD 3,126.5 per tonne, marking a 0.47 per cent gain over USD 3,112 per tonne. The offer, settling at USD 3,127.5 per tonne, also increased by 0.47 per cent from USD 3,113 per tonne.

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In the longer-dated contracts, the December 27 bid as well as offer prices surged by 0.56 per cent. The bid closed at USD 3,065 per tonne from USD 3,048 per tonne, and the offer reached USD 3,070 per tonne from USD 3,053 per tonne.

The LME aluminium Asian Reference Price settled at USD 3,137.5 per tonne on July 7, up 0.71 per cent from USD 3,115.5 on July 6.

On the inventory front, the LME aluminium opening stocks dropped to 295,550 tonnes from 298,775 tonnes, posting a decline of 1.08 per cent.

Live warrants reported no change from the previous session, remaining steady at 246,600 tonnes.

Cancelled warrants, however, dipped to 45,825 tonnes, down by 6.38 per cent from 48,950 tonnes.

The LME alumina Platts price rose to USD 333.72 per tonne, marking a 1.13 per cent hike over USD 330 per tonne.  

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