The cooling effect of LME aluminium prevails on June 4; cash and stocks continue to falter
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London Metal Exchange (LME) aluminium prices continued to dip on June 4 after the figures eased on the June 3 from USD 3,800 per tonne on the previous close. The session recorded a decline in the aluminium prices, contracts as wells as stocks.
The LME aluminium cash bid price eased 1.54 per cent day-on-day, down from USD 3,796.5 per tonne on June 3 to USD 3,738 per tonne on June 4. Representing a difference of 1.53 per cent, the offer shifted from USD 3,797 per tonne to USD 3,739 per tonne.
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On June 4, the LME aluminium 3-month bid price shifted from USD 3,721 per tonne on June 3 to USD 3,662 per tonne, marking a 1.59 per cent decline. The offer price decreased 1.61 per cent, moving from USD 3,723 per tonne to USD 3,663 per tonne.
Similar to the prices and near-term contracts, the downward trend was reflected on the longer-dated contracts. Both the Dec-27 bid and offer prices recorded a 1.06 per cent decline over the previous session. The bid, down from USD 3,292 per tonne, closed at USD 3,257 per tonne, and the offer dropped from USD 3,297 per tonne to USD 3,262 per tonne.
The LME aluminium 3-month Asian Reference Price continued to decrease, closing at USD 3,666 per tonne on June 4, down 1.12 per cent from USD 3707.5 per tonne on June 3.
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LME aluminium opening stocks remained stable at 335,450 tonnes. Similarly, live warrants depicted no change from 254,625 tonnes as recorded in the previous close.
Cancelled warrants, however, amounted to 80,575 tonnes, recording a fall of 0.31 per cent from 80,825 tonnes.
Again, LME alumina platts remained steady as in the previous session at USD 305 per tonne on June 4.
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