LME aluminium rises to USD 2,865/t and the inventories dip

After a steady price movement, the London Metal Exchange (LME) aluminium price on December 5 slightly moved upward. The opening stock and cancelled warrants inched down, whereas the live warrants remained steady from the previous day’s close. 

On December 5, the LME cash bid rose by USD 11.5 per tonne or 0.4 per cent to settle at USD 2,864.5 per tonne. Similarly, the LME cash offer rose by USD 11 per tonne or 0.4 per cent to settle at USD 2,865 per tonne. 

The 3-month bid climbed USD 8.5 per tonne or 0.3 per cent, up from USD 2,884 per tonne to USD 2,892.5 per tonne. Concurrently, the LME 3-month offer also climbed by USD 8 per tonne or 0.3 per cent, up from USD 2,885 per tonne to USD 2,893 per tonne. 

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At the forward contracts, both the LME December 26 bid and offer moved down by USD 3 per tonne or 0.1 per cent, where the bid reached USD 2,910 per tonne from USD 2,913 per tonne and the offer at USD 2,915 per tonne from USD 2,918 per tonne. 

The 3-month Asian Reference Price on December 5 was recorded at USD 2,897.5 per tonne, representing a decline of USD 6.5 per tonne or 0.22 per cent. 

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At the inventory front, both the opening stock and cancelled warrant came by 2,600 tonnes and each finally settled at 528,300 tonnes and 42,900 tonnes, respectively. No change in the live warrant is seen from the previous close and on December 5, it is recorded at 485,400 tonnes. 

The LME alumina platts price inched down by USD 1.24 per tonne or 0.4 per cent and settled at USD 312.26 per tonne, down from USD 313.5 per tonne. 

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