The London Metal Exchange (LME) price on December 1 significantly increased from the previous day’s close. However, the opening stock and cancelled warrants declined along with the cost of alumina platts.
Both the LME cash bid and offer rose by USD 34 per tonne or 1.2 per cent, where the bid stood at USD 2,859 per tonne, up from USD 2,825 per tonne and the offer at USD 2,860 per tonne, up from USD 2,826 per tonne.
The 3-month bid price climbed USD 33 per tonne or 1.12 per cent to settle at USD 2,883 per tonne from USD 2,850 per tonne. Similarly, the 3-month offer price increased by USD 32 per tonne or 1.1 per cent, to reach USD 2,884 per tonne from USD 2,852 per tonne.
Concurrently, both the December 26 bid and offer expanded by USD 25 per tonne or 0.9 per cent, where the bid reached USD 2,912 per tonne and the offer at USD 2,917 per tonne, up from USD 2,887 per tonne and USD 2,892 per tonne, respectively.
The LME aluminium 3-month Asian Reference Price on December 1 stood at USD 2,893 per tonne, up from USD 2,868 per tonne, showing an increase of USD 25 per tonne or 0.9 per cent.
At the inventory front, the opening stock fell from 539,050 tonnes to 537,900 tonnes, showing a difference of 1,150 tonnes or 0.21 per cent. Live warrants remain unchanged at 485,575 tonnes. However, a dip of 1,150 tonnes or 0.21 per cent is seen in the cancelled warrant, which on December 1 reached 52,325 tonnes, down from 53,475 tonnes.
The LME alumina Platts price stood at USD 313.5, down from USD 318.5 per tonne.