On March 16, the London Metal Exchange (LME) aluminium price, even after being amidst the war and supply crunch due to the temporary closure of the Strait of Hormuz, after days of an upward rising trend, has calmed down. However, at the longer dated contracts, the LME price seems to continue its upswing.
Both the LME cash bid and offer inched down by USD 80 per tonne or 2.3 per cent, where the bid shifted from USD 3,519.5 per tonne to USD 3,439.5 per tonne. At the same time, the cash offer changed from USD 3,520 per tonne to USD 3,440 per tonne.
A similar trend is seen in the LME longer-dated contract, where the 3-month bid rose by USD 70.5 per tonne or 2 per cent, shifting from USD 3,485.5 per tonne to USD 3,415 per tonne. Concurrently, the LME 3-month offer reflected a difference of USD 69 per tonne or 2 per cent and was recorded at USD 3,417 per tonne from USD 3,486 per tonne.
On the other hand, in the futures contracts, both the LME December 27 bid and offer increased from the previous close by USD 13 per tonne or 0.4 per cent, where the bid changed from USD 3,017 per tonne to USD 3,030 per tonne. Simultaneously, the offer settled at USD 3,035 per tonne, shifting from USD 3,022 per tonne.