LME aluminium prices recorded a sharp decline on September 11 compared with the previous trading day, with cash and three-month prices falling by around 2%, while exchange stocks edged lower.
The LME aluminium cash bid price slipped to USD 3,273 per tonne on September 11, compared with USD 3,342 per tonne on September 10, marking a 2.06 per cent decline. The cash offer price followed the same trend, falling to USD 3,274 per tonne from USD 3,343 per tonne, also down 2.06 per cent.
The weakness extended to the three-month contract. The 3-month bid price fell to USD 3,249 per tonne from USD 3,316 per tonne, representing a 2.02 per cent drop, while the offer price declined to USD 3,250 per tonne from USD 3,318 per tonne, down 2.05 per cent.
Further down the forward curve, the December 27 bid price decreased to USD 3,150 per tonne, compared with USD 3,202 per tonne a day earlier, a 1.62 per cent decline. The December 27 offer price also fell 1.62 per cent, moving to USD 3,155 per tonne from USD 3,207 per tonne.
Despite the broad-based decline in aluminium prices, movements in exchange inventories remained limited. LME aluminium opening stock stood at 244,350 tonnes on September 11, slightly below the 244,525 tonnes recorded on September 10, a decline of 0.07 per cent.
Live warrants also edged lower to 239,275 tonnes from 239,525 tonnes, falling 0.10 per cent, while cancelled warrants remained unchanged at 4,825 tonnes.
The LME aluminium 3-month Asian Reference Price stood at USD 3,253 per tonne on September 11, while the LME alumina Platts price was recorded at USD 354.95 per tonne.