On April 7, the London Metal Exchange (LME) aluminium prices further rose from the previous close on April 2. There has been a significant rise in the offer settlement price as well as in the forward contracts. Concerning the inventory, there has been a slight dip along with the LME alumina platts price. This indicates that the on-going tension in the Middle East and the sudden attack on the two major aluminium sites owned by EGA and Alba are set to create market discrepancy even further.

Both the LME cash bid and offer rose by USD 95 per tonne or 3 per cent, where the bid had shifted from USD 3,504.5 per tonne to USD 3,599.5 per tonne and the offer from USD 3,505 per tonne to USD 3,600 per tonne.

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A similar uptick is seen in the 3-month contract of LME, where the bid surged by USD 83 per tonne or 2.4 per cent, rising from USD 3,424 per tonne to USD 3,507 per tonne. At the same time, the 3-month final settlement offer expanded by USD 84 per tonne or 2.5 per cent, shifting from USD 3,425 per tonne to USD 3,509 per tonne.

The longer-dated contracts at the LME also showed a great increase, where both the bid and offer grew by USD 40 per tonne or 1.4 per cent, where each settled at USD 2,985 per tonne and USD 2,990 per tonne, rising from USD 2,945 per tonne and USD 2,950 per tonne, respectively.

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At the 3-month LME Asian Reference Price, the rise continued, but with slight ease, where on April 7 it shifted from USD 3,469.5 per tonne to USD 3,476 per tonne, owing to a difference of USD 6.5 per tonne or 0.2 per cent.

At the LME warehouse, the inventories showed a slight decline from the last day, where the opening stock shifted from 414,175 tonnes to 411.950 tonnes, reflecting a difference of 2,225 tonnes or 0.5 per cent. 

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Concurrently, the live warrant declined slightly by 200 tonnes or 0.07 per cent, adjusting from 269,200 tonnes to 269,000 tonnes. This trend continued in the cancelled warrant, where it moved down to 140,900 tonnes from 142,750 tonnes, reflecting a difference of 1,850 tonnes or 1.3 per cent.

A slight decline is witnessed in the LME alumina platts price from the previous day’s close by USD 0.85 per tonne or 0.3 per cent, changing from USD 310.14 per tonne to USD 309.29 per tonne.

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