The London Metal Exchange (LME) aluminium prices on Friday, July 25, closed the week hitting a four-month high. The prices hiked by USD 10.5 per tonne or 0.39 per cent to settle at USD 2,656.5 per tonne and USD 2,657 per tonne, driven by more optimistic demand outlook in China and tightening global supply conditions.
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Market sentiment also improved as traders closely followed developments in US-China trade negotiations, raising hopes for a potential boost in industrial metal demand.
On the same day, 3-month bid price and 3-month offer price also gained USD 7.5 per tonne or 0.28 per cent to halt at USD 2,655.5 per tonne and USD 2,656 per tonne.
As per the LME aluminium price graph, December 26 bid price and December 26 offer price surged by USD 10 per tonne or 0.37 per cent to peg at USD 2,688 per tonne and USD 2,693 per tonne.
LME aluminium 3-month Asian Reference Price has on the other hand dropped by USD 11.5 per tonne or 0.43 per cent to clock at USD 2,635.5 per tonne.
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LME warehouse data showed a slight build in stocks. The opening stock came in at 450,825 tonnes. Live warrants and Cancelled warrants stood at 432,950 tonnes and 15025 tonnes.
The alumina (Platts) price stood at USD 369.22 per tonne, a slight USD 0.44 per tonne rise from the last day.
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