LME aluminium prices and contracts ease over 1% as stocks continue to decline

The London Metal Exchange (LME) aluminium prices continued to soften around the curve on the close of April 28. The cash and contract prices eased as inventories remained on a declining trend.

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The LME aluminium cash bid eased 1.66 per cent day-on-day, down from USD 3,660 per tonne on April 27 to USD 3,599 per tonne on April 28, while the offer declined 1.69 per cent, shifting from USD 3,662 per tonne to USD 3,600 per tonne.

The LME aluminium three-month bid price slumped from USD 3,587.5 per tonne on April 27 and settled at USD 3,535 per tonne on April 28, marking a 1.46 per cent decrease. The offer price recorded a decline of 1.42 per cent, moving from USD 3,588 per tonne to 3,537 per tonne.

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The downward trend continued in the longer-dated contracts, as both the Dec-27 bid and offer prices recorded a 0.06 per cent decline over the previous session. The bid closed at USD 3,100 per tonne, slipping from USD 3,102 per tonne, and the offer dropped to USD 3,105 per tonne to USD 3,107 per tonne.

The LME aluminium 3-month reference price closed at USD 3,538.5 on April 28, down 1.1 per cent from USD 3,578 per tonne on April 27.

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LME aluminium stocks recorded further decline as of April 28. The opening stocks slipped from 376,275 tonnes to 372,700 tonnes, reflecting a 0.95 per cent decrease. Live Warrants remained unchanged at 335,000 tonnes.

In contrast, cancelled warrants amounted to 35,275 tonnes, representing a 6.43 per cent fall from 37,700 tonnes.

LME alumina platts closed at USD 307.21 per tonne on April 28.

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