After a good gain on Wednesday, October 29, the London Metal Exchange (LME) aluminium price slipped drastically on Thursday, October 30.
On Thursday, the LME cash bid fell by USD 66 per tonne or 2.3 per cent to reach USD 2,825 per tonne, down from USD 2,891 per tonne. Similarly, the LME cash offer also dipped by USD 65.5 per tonne or 2.3 per cent to reach USD 2,826 per tonne, down from USD 2,891.5 per tonne.
At the same time, both the LME 3-month bid and offer fell by USD 46 per tonne or 1.6 per cent for each to settle finally at USD 2,845.5 per tonne and USD 2,846 per tonne respectively.
For forward contracts, both the December 26 bid and offer fell by USD 41 per tonne or 1.4 per cent and reached USD 2,862 per tonne and USD 2,867 per tonne, respectively.
The LME aluminium three-month Asian Reference Price settled at USD 2,863.5 per tonne on October 30, representing a dip of USD 23.5 per tonne or 0.8 per cent from the previous at USD 2,887 per tonne.
In terms of inventory, LME aluminium opening stock declined by 3,498 tonnes or 0.7 per cent from 462,750 tonnes on October 29 to 459,525 tonnes on October 30. Live warrants were unchanged at 404,675 tonnes, while cancelled warrants slipped to 54,850 tonnes.
Meanwhile, the LME alumina Platts price stood at USD 318.98 per tonne, down by USD 0.18 per tonne or 0.06 per cent.
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