LME cash offer price slips further down to $3,042/t while opening stocks record a modest increase of 0.29%

London Metal Exchange aluminium prices weakened across most contracts on February 2, a trend following the previous session. Meanwhile, exchange inventories made a soft recovery. 

The LME aluminium cash bid price continued to slip, reaching USD 3,041 per tonne on February 2 from USD 3,109 per tonne on January 30, marking a 2.19 per cent drop. The cash offer price followed a similar trend, easing to USD 3,042 per tonne from USD 3,110 per tonne, also down by 2.19 per cent day-on-day.

In the futures market, the LME aluminium 3-month bid price continued to edge downwards to USD 3,065 per tonne, compared with USD 3,132 per tonne the previous day, recording a 2.14 per cent decrease. The 3-month offer price slipped lower to USD 3,066 per tonne from USD 3,134 per tonne, a similar decline of 2.17 per cent. 

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Prices further along the curve saw improvement. The December 27 bid price concurrently dropped to USD 3,003 per tonne on February 2 from USD 3,068  per tonne on January 30, down by 2.12 per cent. Following a similar trajectory, the offer price declined to USD 3,008 per tonne from USD 3,073 per tonne, depicting a 2.11 per cent increase. 

Continuing on the declining graph, the LME aluminium 3-month Asian Reference Price stood at USD 3,056 per tonne on February 2, down 2.8 per cent from USD 3,144 per tonne on January 30. 

On the inventory front, LME aluminium opening stocks rose slightly to 497,175 tonnes on February 2 from 495,725 tonnes on January 30, reflecting a modest 0.29 per cent increase. Live warrants also hiked to 440,650 tonnes from 437,200 tonnes, marking another soft increase of 0.79 per cent. On the other hand, cancelled warrants declined further to 56,525 tonnes from 58,525 tonnes, marking a considerable 3.42 per cent drop, as continued metal outflows are recorded.

In the raw materials market, the LME alumina Platts price was recorded at USD 306 per tonne, falling slightly by 0.3 per cent from the previous day’s close at USD 306.93 per tonne.

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