LME cash offer recovers with a 2.9% increase while inventories continue on with a slight dip

From the previous close, the London Metal Exchange (LME) aluminium prices recovered with a steady increase. LME inventory side, however, followed the declining trend earlier, suggesting a global supply shortage of metal outflow. 

On January 28, the LME cash bid increased by 2.9 per cent from USD 3,166 per tonne to USD 3,258 per tonne. Following the upward trend, the cash offer price rose by 2.92 per cent, from USD 3,166.5 per tonne to USD 3,259 per tonne.

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The 3-month bid and offer showed a similar hike, the bid rising with a 2.62 per cent increase from USD 3,177.5 per tonne on January 27 to USD 3,261 per tonne on January 28. The offer price inched slightly higher, by 2.64 per cent, from USD 3,178 per tonne to USD 3,262 per tonne.

Likewise, the LME December 27 forward contracts saw a hike as well. The bid increased modestly by 1.06 per cent, reaching USD 3,318 per tonne on January 28 from USD 3,105 per tonne on January 27. Similarly, the offer price rose by 1.06 per cent, settling at USD 3,143 from USD 3,110 per tonne.

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The 3-month LME Asian Reference Price was also on the rising graph, going up from USD 3,207 per tonne to USD 3,257 per tonne, indicating a 1.56 per cent increase. 

There was a dip at the inventory front, with the opening stocks declining from 502,250 tonnes on January 27 to 499,975 tonnes on January 28, marking a difference of 0.45 per cent. Live warrants followed a similar trend and slipped by 1.06 per cent from 479,500 tonnes to 474,400 tonnes. Cancelled warrants, however, saw a steep hike, rising from 22,750 tonnes to 25575 tonnes, indicating a 12.41 per cent increase.

The LME alumina platts price stood at USD 307.02 per tonne. 

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