LME aluminium prices recover with cash offers at $3,098/t while inventories follow a declining trend

From the previous close, the London Metal Exchange (LME) aluminium prices recovered with a steady increase. The LME inventory side, however, followed the declining trend of the previous sessions, suggesting a global supply shortage of metal outflow. 

On February 11, the LME cash bid increased by 1.09 per cent from USD 3,062.5 per tonne to USD 3,096 per tonne. Following the increasing graph, the cash offer price went up from USD 3,063 per tonne to USD 3,098 per tonne, marking a 1.14 per cent rise.

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The 3-month bid and offer showed a similar hike, the bid rising with a 1.13 per cent increase from USD 3,091 per tonne on February 10 to USD 3,126 per tonne on February 11. The offer price inched slightly higher, by 1.1 per cent, from USD 3,093 per tonne to USD 3,127 per tonne.

Likewise, the forward contracts of December 27 saw a hike as well. The bid price increased modestly by 0.59 per cent, reaching USD 3,085 per tonne on February 11 from USD 3,067 per tonne on February 10. Similarly, the offer price rose by 0.59 per cent, settling at USD 3,090 from USD 3,072 per tonne.

The 3-month LME Asian Reference Price was also on the rising graph, going up from USD 3,093 per tonne to USD 3,103 per tonne, indicating a 0.32 per cent increase. 

There was a slight dip in the inventory front, with opening stocks declining from 486,975 tonnes on February 10 to 485,750 tonnes on February 11, reflecting a difference of 0.25 per cent. On the other hand, live warrants improved by 0.18 per cent from 440,650 tonnes to 441,425 tonnes. Cancelled warrants, however, slipped from the previous session’s 46,325 tonnes to 44,325 tonnes, representing a 4.32 per cent decline.

The LME alumina platts price stood at USD 308.08 per tonne on February 11, down marginally from USD 308.73 on February 10 by 0.21 per cent.

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