On April 27, the London Metal Exchange (LME) aluminium price inched down, showing an easing trend from the previous day’s close. However, the longer dated contracts continued to rise with a significant decline in the inventories.
The LME cash bid and offer inched down by USD 23 per tonne or 0.6 per cent, where the bid shifted from USD 3,683 per tonne to USD 3,660 per tonne and the offer from USD 3,685 per tonne to USD 3,662 per tonne.
At the forward contracts, the 3-month bid declined by USD 10.5 per tonne or 0.3 per cent, changing to USD 3,587.5 per tonne from USD 3,598 per tonne. At the same time, the 3-month offer also decreased by USD 12 per tonne or 0.33 per cent, from USD 3,600 per tonne to USD 3,588 per tonne.
However, at the longer-dated contract, the LME December 27 bid and offer rose by USD 4 per tonne or 0.1 per cent, where the bid inched up from USD 3,098 per tonne to USD 3,102 per tonne and the offer from USD 3,103 per tonne to USD 3,107 per tonne.
The downward trend is seen again in the 3-month Asian Reference Price, where it shifted from USD 3,591 per tonne to USD 3,578 per tonne, owing to a difference of USD 13 per tonne or 0.4 per cent from the previous close.
At the inventory level, the LME opening declined by 2,550 tonnes or 0.7 per cent, changing from 378,825 tonnes to 376,275 tonnes. The live warrant showed no change and is still at 335 thousand tonnes. The cancelled warrant again declined by 6,125 tonnes or 14 per cent, changing from 43,825 tonnes to 37,700 tonnes.
The LME alumina platts price remained unchanged from the previous close and is recorded at USD 307.5 per tonne.