The London Metal Exchange (LME) aluminium price witnessed a sharp decline on Tuesday, October 28. However, the live warrants and the price of aluminium platts remained unchanged from the previous close.
As of Tuesday, October 28, both the LME cash bid and offer price declined by USD 20 per tonne or 0.7 per cent, where the bid went down from USD 2,878.5 per tonne to USD 2,858.5 per tonne and the offer from USD 2,879 per tonne to USD 2,859 per tonne.
Concurrently, the 3-month bid and offer also fell by USD 16 per tonne or 0.6 per cent, where the bid settled at USD 2,860.5 per tonne from USD 2,876.5 per tonne and the offer at USD 2,861 per tonne from USD 2,877 per tonne.
A similar trend has been witnessed in the December 26 contract bid and offer price as well, where both plunged by USD 13 per tonne or 0.45 per cent, with the bid dropping to USD 2,885 per tonne from USD 2,898 per tonne and the offer at USD 2,890 per tonne from USD 2,903 per tonne.
The LME aluminium 3-month Asian Reference Price also slipped by USD 14.5 per tonne or 0.5 per cent to reach USD 2,889 per tonne from USD 2,874.50 per tonne on October 28.
On the inventory front, both opening stock and cancelled warrants fell by 3,625 tonnes, and each is currently at 465,650 tonnes and 60,975 tonnes, respectively. On the other hand, live warrant showed no change and is still currently at 404,675 tonnes.
Meanwhile, LME alumina (Platts) was assessed at USD 319.16 per tonne, showing no change from the previous close.
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