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Aluminium prices on the London Metal Exchange (LME) improved on March 20 compared to the previous close. Cash price reported gains by wide margins, futures contracts recovered from the previous session’s decline, while opening stocks continued to slide.
{alcircleadd}The LME aluminium cash bid price rose from USD 3,198 per tonne on March 19 to USD 3,328.5 per tonne on March 20, increasing by 4.08 per cent. The cash offer price climbed from USD 3,200 per tonne to USD 3,329 per tonne, up 4.03 per cent day-on-day.
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The three-month contract followed a similar trend. The LME aluminium 3-month bid as well as offer price recorded a gain of 4.2 per cent. The bid price edged up from USD 3,154.5 per tonne on March 19 to USD 3,287 per tonne on March 20, while the offer price rose from USD 3,155 per tonne to USD 3, 3,287.5 per tonne.
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In contrast to the previous close, the trend of the future contracts showed recovery. The December 2027 bid price jumped from USD 2,810 per tonne to USD 2,995 per tonne, marking a 6.58 per cent increase. The offer price improved from USD 2,815 per tonne to USD 3,000 per tonne, dropping by 6.57 per cent.
The LME aluminium 3-month Asian Reference Price stood at USD 3,215 on March 20, compared to USD 3,252 per tonne on March 19, indicating a fall of 1.14 per cent.
On the inventory front, LME aluminium opening stock declined further to 432,725 on March 20 compared to 436,625 tonnes on March 19, reflecting a 0.89 per cent decline. Live warrants, on the other hand, improved a staggering 71 per cent, reaching 273,050 tonnes from the previous day’s close at 159,675 tonnes. However, cancelled warrants dropped to 156,625 tonnes from 273,050 tonnes, marking another stark 74.33 per cent decrease.
Meanwhile, the LME alumina Platts price settled at USD 305.23 per tonne, rising from USD 300.14 per tonne on the previous close by 1.7 per cent.
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