From the previous close, the London Metal Exchange (LME) aluminium prices recovered with a steady increase. LME inventory side, on the other hand, recorded a steady figure, an improved figure, as well as a declining trend as earlier. 

On February 20, the LME cash bid increased by 0.88 per cent from USD 3,025.5 per tonne to USD 3,052 per tonne. Following the increasing graph, the cash offer price went up from USD 3,026 per tonne to USD 3,053 per tonne, marking a 0.89 per cent rise.

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At the futures contract, the 3-month bid and offer showed a similar hike, the bid rising with a 0.75 per cent increase from USD 3,055 per tonne on February 19 to USD 3,078 per tonne on February 20. The offer price inched slightly higher, by a slightly higher 0.77 per cent, from USD 3,055.5 per tonne to USD 3,079 per tonne.

The forward contracts of  December 27 in the LME saw a modest hike. The bid increased by 0.07 per cent, reaching USD 3,042 per tonne on February 20 from USD 3,040 per tonne on February 19. Similarly, the offer price rose by 0.07 per cent, settling at USD 3,047 from USD 3,045 per tonne.

Must read: Key industry individuals share their thoughts on the trending topics

The LME Asian Reference Price was also on the rising graph, going up from USD 3,067.5  per tonne to USD 3,102.5 per tonne, indicating a 1.14 per cent increase. 

At the inventory front, the opening stocks remained steady at 475,550 tonnes on February 20, same as that in the previous session. On the other hand, live warrants declined by 0.13 per cent from 423,775 tonnes to 423,225 tonnes. Cancelled warrants, however, improved from the previous session’s 51,775 tonnes to 52,325 tonnes, representing an increase of 1.06 per cent.

The LME alumina platts price stood at USD 306.97 per tonne on February 20.

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