The London Metal Exchange (LME) continues to record the escalation of aluminium prices owing to the ongoing geopolitical tensions between US-Israel and Iran. The temporary closure of the global trade passage, viz., the Strait of Hormuz, has brought about massive trade disruption in the global market. Hence, LME aluminium prices on March 9 have hit a new high, surpassing USD 3,400. At the same time, traded prices show a dip, following the US President Trump’s pledge to end the geopolitical tensions and consequent fluidity in metal supply.  

The LME aluminium cash bid as well as offer price increased by 0.64 per cent. While the bid price rose to USD 3,406 per tonne on March 9 from USD 3,384.5  per tonne on March 6. The offer price climbed to USD 3,406.5 per tonne from USD 3,385 per tonne.

The three-month contract followed a similar trend. The LME aluminium 3-month bid and offer price both recorded a gain of 0.74 per cent. The bid price edged up to USD 3,385 per tonne on March 9 from 3,360 per tonne on March 6. Concurrently, the offer price rose to USD 3,387 per tonne from USD 3,362 per tonne.

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For the longer-dated contract, the December 27 bid price surged to USD 3,177 per tonne on March 2 from USD 3,170 per tonne on March 6, rising by 0.22 per cent. The December 27 offer price advanced to USD 3,182 per tonne from USD 3,175 per tonne, also up by 0.22 per cent.

The LME aluminium 3-month Asian Reference Price stood at USD 3,385.5 on March 9, compared to USD 3,446 per tonne on March 6, indicating a 1.76 per cent decline.

Similarly, in the LME Aluminium monthly (3W) futures, a 1.64 per cent decrease was recorded as the June 26 contract of the LMEselect last traded prices + interoffice settled at USD 3,316 per tonne.

 On the inventory front, LME aluminium opening stock declined further to 456,875 tonnes on March 9 compared to 459,125 tonnes on March 6, reflecting a 0.49 per cent decline. Live warrants slipped by 1.33 per cent to 372,075 tonnes from 377,100 tonnes on the previous close. Cancelled warrants, on the other hand, improved to 82,550 tonnes from 79,775 tonnes, marking a 3.49 per cent increase.  

Meanwhile, the LME alumina Platts price settled at USD 302.77 per tonne, recording another decline of 0.89 per cent from USD 305.48 per tonne on the previous close. 

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