LME cash offer price represents a further drop to 0.74% while opening stocks look up by 5.6%

London Metal Exchange aluminium prices weakened across most contracts on January 21, reflecting a broad pullback from the previous session, while exchange inventories reflected significant improvement. 

The LME aluminium cash bid price continued to decline, reaching USD 3,112 on January 21 from USD 3,136.5 per tonne on January 20, a 0.78 per cent drop. The cash offer price followed a similar trend, easing to USD 3114 per tonne from USD 3,137 per tonne, also decreasing 0.74 per cent day-on-day.

In the futures market, the LME aluminium 3-month bid price continued to edge downwards to USD 3,122.5 per tonne, compared with USD 3,135.5 per tonne the previous day, recording a 0.41 per cent decrease. The 3-month offer price slipped lower to USD 3,123 per tonne from USD 3,136 per tonne, a similar decline of 0.41 per cent.

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Prices further along the curve saw improvement. The December 27 bid price increased to USD 3,110 per tonne on January 20 from USD 3,102 per tonne on January 20, up 0.26 per cent. The December 27 offer price followed the similar trajectory, rising to USD 3,115 per tonne from USD 3,107 per tonne, depicting a 0.26 per cent increase.

Meanwhile, the LME aluminium 3-month Asian Reference Price showed a slight hike at USD 3,115 per tonne on January 21.

On the inventory front, LME aluminium opening stocks rose significantly to 507,175 tonnes on January 21 from 483,000 tonnes on January 20, reflecting a sharp 4.9 per cent increase. Live warrants also hiked to 478,375 tonnes from 452,250 tonnes, marking a steep day-on-day increase of 5.6 per cent. On the other hand, cancelled warrants declined further to 28,800 tonnes from 30,750 tonnes, marking another sharp 6.5 per cent drop, as continued metal outflows are recorded.

In the raw materials market, the LME alumina Platts price remained steady at USD 306.05 per tonne. 

Image source: https://vedantaaluminium.com/ 

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