The first trading session of August opened with the London Metal Exchange (LME) aluminium price graph exceeding the USD 3,200-per-tonne mark across both pricing and contract segments. Meanwhile, similar to the previous trading session, stocks continued to dip, indicating steady withdrawal from the aluminium inventory.
The LME aluminium cash bid and offer prices jumped 2 per cent day-on-day on August 3. The bid rose USD 3,195 per tonne to USD 3,259 per tonne, and the offer shifted from USD 3,196 per tonne to USD 3,260 per tonne.
On August 3, the LME aluminium three-month bid price improved by 0.99 per cent to USD 3,210 per tonne from USD 3,178.5 per tonne on July 31. The offer price surged by 1.04 per cent, moving to USD 3,212 per tonne from USD 3,179 per tonne.
In the longer-dated contracts, both the Dec-27 bid and offer prices reported a 0.8 per cent gain over the previous session. The bid closed at USD 3,133 per tonne, surging from USD 3,108 per tonne, and the offer settled at USD 3,138 per tonne from USD 3,113 per tonne.
The LME aluminium three-month Asian Reference Price closed at USD 3,221.5 per tonne on August 3, representing a rise of 1.18 per cent from USD 3,184 per tonne on July 31.
Unlike the upswing in the pricing and contract segments, LME aluminium stocks recorded further decline as of August 3. The opening stocks slipped from 266,300 tonnes to 264,400 tonnes, marking a 0.71 per cent decrease.
Live Warrants remained unchanged at 245,250 tonnes.
Meanwhile, cancelled warrants plunged by 9.14 per cent to 17,400 tonnes from 19,150 tonnes.
LME alumina Platts closed at USD 345 per tonne on August 3, indicating a 0.29 per cent drop from USD 346 per tonne recorded on July 31.