The London Metal Exchange (LME) aluminium price chart continued to rally, reporting gains over the October 26 close in the October 27 trading session across the pricing and contract segments. Asian Reference Price gained 1.5 per cent, while aluminium inventories continued to falter.
The LME aluminium cash bid price gained 1.02 per cent on October 27, rising to USD 3,077.5 per tonne from USD 3,046.5 per tonne. The offer price surged to USD 3,078 per tonne from USD 3,047.5 per tonne, up 1 per cent day-on-day.
The LME aluminium three-month bid as well as offer prices reported a 1.22 per cent rise. The bid surged to USD 3,062 per tonne from USD 3,025 per tonne, while the offer improved to USD 3,064 per tonne from USD 3,027 per tonne.
Longer-term contracts joined these upward trends, with both the December 27 bid and offer prices reporting a 0.95 per cent slump over the previous session. The bid recovered to USD 2,988 per tonne from USD 2,960 per tonne, and the offer jumped to USD 2,993 per tonne from USD 2,965 per tonne.
The LME aluminium three-month Asian Reference Price amounted to USD 3,087 per tonne on October 27, up 1.5 per cent from USD 3,040.5 per tonne on October 26.
A declining trend appeared on the inventory front. The LME aluminium opening stocks slipped by 0.74 per cent from 235,800 tonnes to 234,050 tonnes.
Live warrants dropped by 1.58 per cent from 220,950 tonnes to 217,450 tonnes.
Meanwhile, cancelled warrants reported a slight improvement, gaining 1.38 per cent from 14,450 tonnes to 14,650 tonnes.
LME alumina Platts remained stable at USD 385.01 per tonne on October 27.