LME aluminium price surges to $3,222/t with stable opening stocks on August 28
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The London Metal Exchange (LME) aluminium price chart recovered on the August 28 trading session across the pricing and contract segments compared to the August 27 close. On the inventory side, opening stocks and live warrants remained stable for three consecutive sessions.
The LME aluminium cash bid and offer prices gained 0.3 per cent day-on-day on August 28. The bid shifted from USD 3,212 per tonne to USD 3,221.5 per tonne, and the offer surged from USD 3,212.5 per tonne to USD 3,222 per tonne.
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On August 28, the LME aluminium three-month bid and offer prices reported a 0.78 per cent rise over the August 27 session. The bid moved from USD 3,215 per tonne to USD 3,240 per tonne, as the offer price climbed from USD 3,216 per tonne to USD 3,241 per tonne.
The upward trend continued in the longer-dated contracts, with both the December 27 bid and offer prices reporting a 0.8 per cent jump over the previous session. The bid expanded from USD 3,128 per tonne to USD 3,153 per tonne, and the offer jumped from USD 3,133 per tonne to USD 3,158 per tonne.
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The LME aluminium three-month Asian Reference Price closed at USD 3,242 per tonne on August 28.
On the inventory front, the LME aluminium opening stocks and live warrants remained stable at 246,825 tonnes and 243,425 tonnes, respectively for three consecutive sessions since the August 26 close.
Live warrants showed no change from the 243,425 tonnes as reported on August 27.
Cancelled warrants dropped to 3,300 tonnes from 3,400 tonnes, indicating a 2.94 per cent decline.
LME alumina Platts remained unchanged at USD 353.37 per tonne on August 28.
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