A drastic upward movement has been noticed in the London Metal Exchange (LME) aluminium price on Friday, September 12. Both the LME cash bid and offer price alongside the 3-month bid and offer increased, and the opening stock, live warrants and cancelled warrants remained unchanged from the previous day.
The LME cash bid rose by USD 50.5 per tonne or 1.90 per cent, where the final price stood at USD 2,706 per tonne, up from USD 2,655.5 per tonne. A similar trend has been seen in the LME cash offer price, which went up by USD 51 per tonne or 1.92 per cent to USD 2,707 per tonne from USD 2,656 per tonne.
Concurrently, both the 3-month bid and offer price gained by USD 45.5 per tonne or 1.71 per cent to USD 2,695 per tonne and USD 2,695.5 per tonne respectively.
A shared drift has also been witnessed in the December 26 bid and offer price, where both mounted by USD 46 per tonne or 1.72 per cent to USD 2,723 per tonne and USD 2,728 per tonne respectively.
LME aluminium 3-month Asian Reference Price shot up by USD 16 per tonne or 0.59 per cent, up from USD 2,673.5 per tonne to USD 2,689.50 per tonne.
On the other hand, LME aluminium opening stock, Live warrants and Cancelled warrants remained unchanged at 485,275 tonnes, 375,025 tonnes and 110,250 tonnes.
LME alumina price has also shown no change and is currently clocking at USD 338.70 per tonne.
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