The London Metal Exchange (LME) aluminium price reported major declines of over 1 per cent across the pricing and contract segments on the August 18 close, continuing the trend reported at the August 17 session.
The LME aluminium cash bid dropped by 1.6 per cent day-on-day on August 18, down to USD 3,218.5 per tonne from USD 3,271 per tonne. The offer shifted to USD 3,219 per tonne from USD 3,272 per tonne, marking a difference of 1.62 per cent.
On August 18, the LME aluminium three-month bid and contract prices contracted by 1.16 per cent. As the bid plunged to USD 3,232 per tonne from USD 3,270 per tonne, the offer price slumped to USD 3,234 per tonne from USD 3,272 per tonne.
The declining trend persisted in the longer-dated contracts, with both the December 27 bid and offer prices pulling back by 1.19 per cent over the previous session. The bid, softening from USD 3,190 per tonne, closed at USD 3,152 per tonne, and the offer slumped from USD 3,195 per tonne to USD 3,157 per tonne.
The LME aluminium three-month Asian Reference Price closed at USD 3,220.5 per tonne on August 18.
Moving on to the inventory levels, the LME aluminium opening stocks moved from 248,300 tonnes to close at 246,925 tonnes, reporting a 0.55 per cent decline.
Live warrants remained stable at 244,475 tonnes as reported in the previous close.
Similarly, cancelled warrants reported no change from 2,450 tonnes as recorded in the previous close.
LME alumina Platts remained unchanged at USD 355.68 per tonne on August 18.