LME cash offer makes a 0.54% rise to $3,192/t while opening stocks decline to 505,275 tonnes

Aluminium prices on the London Metal Exchange continued to rise on January 26, with both cash and 3-month forwards reporting gains in contrast to the inventories, which showed a decline. 

The LME aluminium cash bid price climbed to USD 3,190 on January 26 from USD 3,174.5 per tonne on January 23, increasing by 0.5 per cent. The cash offer price rose to USD 3,192 per tonne from USD 3,175 per tonne, also up by 0.54 per cent day-on-day.

In the forward market, the LME aluminium 3-month bid price increased to USD 3,195 on January 26 from USD 3,176 per tonne on January 23, a gain of 0.6 per cent. The 3-month offer price rose to USD 3,195.5 from USD 3,177 per tonne, reflecting a similar 0.6 per cent increase.

The December 27 aluminium contract saw a decline. The bid price slipped to USD 3,133 on January 26 from USD 3,147 per tonne on January 23, down by 0.4 per cent. The offer price slipped to USD 3,138 per tonne from USD 3,152 per tonne, reflecting a parallel decrease of 0.4 per cent.

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The LME aluminium 3-month Asian Reference Price stood at USD 3,188.5 per tonne on January 26.

On the inventory side, LME aluminium opening stocks continued to decline, to 505,275 tonnes on January 26 from 507,275 tonnes on January 23, marking a 0.4 per cent decrease. Live warrants too showed a similar trend, reaching 482,275 tonnes from 482,475 tonnes, a slight slip of 0.04 per cent, while cancelled warrants dropped further to 23,000 tonnes to 24,800 tonnes, another sharp decrease of 7.25 per cent.

Meanwhile, the LME alumina Platts price was assessed at USD 307.12 per tonne on January 26 by Platts.

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